TAQNIA has over SAR 1B projects in military sector: Official

Logo of Development and Investment Co. (TAQNIA)

The Saudi Technology Development and Investment Co. (TAQNIA), a subsidiary of the Public Investment Fund (PIF), has projects worth over SAR 1 billion in the military and defense sector, Hassan Aljohani, TAQNIA's Vice President of Business Development.

The military and defense sectors are among the industries most targeted by the company due to the need for geospatial services in such sectors, Aljohani told Argaam on the sidelines of World Defense Show.

He indicated that the company has been working with most ministries, sectors, and industries since its establishment.

All sectors need geospatial data and analyses, Aljohani said, noting that the annual growth rate of the geospatial sector ranges between 14% to 17%.

The company's projects have a strategic dimension, the official said, adding that TAQNIA looks into the relationship between various types of data from a spatial perspective to reach decision quality, operating efficiency, and performance.

He explained that the company seeks to collect geospatial data from its various sources, through using satellites, aerial photography, or field surveys with accuracy and high quality.

The company has a major market share in the Kingdom, driven by its performance, project portfolio, diversity of services and economic value, Aljohani said. He expects the firm to provide geospatial services to the GCC markets during 2024-2025.

The Saudization rate in the company reaches 80%, and 90% of business is developed and implemented at the company.

Commenting on TAQNIA's listing on the Saudi stock market, the official said the company is one of PIF's subsidiary, and such decision is up to the fund.