Riyadh, February 5, 2024, The CEO of the Saudi Industrial Development Fund (SIDF), Prince Sultan bin Khalid, and Deputy Governor of the General Authority for Military Industries (GAMI) Localization Sector, Mohammed bin Saleh Al-Athal, formalized the signing of the Military Industries Incentive Program agreement at the World Defense Show.
This significant agreement was endorsed in the presence of Minister of Industry and Mineral Resources, Bandar bin Ibrahim AlKhorayef, and GAMI Governor, Eng. Ahmad Abdulaziz Al-Ohali. The collaboration between SIDF and GAMI underlines a strategic effort to bolster the military industries sector in Saudi Arabia.
The Military Industries Incentive Program is anticipated to play a pivotal role in stimulating growth and innovation within the military industries sector. This initiative aligns with broader national objectives, fostering economic development, job creation, and technological advancement in line with the Kingdom's Vision 2030 initiative. The presence of high-profile officials at the signing ceremony emphasizes the government's commitment to driving forward the nation's industrial and defense capabilities.
