Al-Bilad newspaper said in its editorial that the localization of military industries in Saudi Arabia receives great attention from the wise leadership, since it represents a strategic investment in Saudi Arabia’s strength and its comprehensive development vision, as Saudi government aims to localize 50% of military spending by 2030.
The newspaper further added that Saudi Arabian Military Industries company (SAMI ) continues working to achieve this strategic goal through its plans and partnerships, and it is expected that the company’s direct contribution to Saudi Arabia’s GDP to jump more than SAR 14 billion, as the company allocates about SAR 6billion for investment in research and development operations.
The newspaper concluded that the inauguration of the first locally-manufactured HSI32 speed interceptor boats and commissioning of Floating Dock by Ministry of Defense and SAMI comes as part of a plan to localize the military industries in the Kingdom of Saudi Arabia.
Al-Yaum newspaper reported in its editorial that the Cabinet confirmed in its regular session, held virtually and chaired by the Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud, that the positive ratings of the credit rating agencies on the Kingdom’s economy reflect its strength, resilience and ability to face global economic challenges,
The paper added that these positive rates have also reflect effectiveness of structural reforms, financial and economic policies and the strength of the Kingdom’s financial position and its ability to continue growth, especially in light of the exceptional crises and circumstances that the world is currently witnessing,
The paper concluded that the rates have indicated that the Saudi Arabia is continuing to achieve the goals of its vision towards enabling its financial sector to be among the largest financial centers in the world by 2030.

Source: Saudi Press Agency

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