GAMI issues 70 licenses to local, foreign firms by 2020-end

The General Authority for Military Industries (GAMI) granted licenses to 70 international and local companies in the military industries field by 2020-end, with estimated investments of SAR 24 billion, according to a press release.

GAMI’s announcement came during the recent International Defence Conference (IDC 2021), held in Abu Dhabi.

The companies obtained 114 licenses, through which they will be able to undertake several activities in the military industries field.

Licenses for manufacturing military ammunition accounted for 57% of total issued permits, military services (25%) and supply (18%). The GAMI-licensed local companies in the field accounted for 81%, while foreign firms and joint ventures held 19% of the total number of companies by the end of 2020.

In September 2019, Saudi Arabia began accepting license applications for firms in the military industrial sector, a major target under the Kingdom's revenue diversification plans, Argaam reported.