Minister of Defense inaugurates World Defense Show 2024 in Riyadh
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Riyadh: The Minister of Defense and Vice Chairman of the Board of Directors of the General Authority for Military Industries (GAMI), Prince Khalid bin Salman bin Abdulaziz, inaugurated the World Defense Show 2024 in Riyadh today.
The minister inaugurated the WDS 2024, which is held under the patronage of the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz Al-Saud, on behalf of His Royal Highness Prince Mohammed bin Salman bin Abdulaziz Al-Saud, Crown Prince, Prime Minister of the Kingdom of Saudi Arabia, and Chairman of GAMI's Board of Directors.
This second edition of the event, organized by GAMI from February 4 to 8, 2024, showcases the Kingdom's commitment to becoming a global hub for the defence industry.
During the inauguration, Prince Khalid, ministers of defence, and senior officials checked on the air shows and static aircraft displays.
The minister also toured the exhibition, which featured the participation of over 773 exhibitors representing more than 75 countries, alongside numerous government entities and leading local and international companies in the defense and security sector.
This royal endorsement of the exhibition underscores the Saudi leadership's dedication to hosting a world-class event that ranks among the top defense and security exhibitions globally. It also affirms Saudi Arabia's ambition to become a global hub for organizing exhibitions across all fields.
The Governor of GAMI, Ahmad Abdulaziz Al-Ohali, expressed profound gratitude to the Custodian of the Two Holy Mosques and His Royal Highness Prince Mohammed bin Salman bin Abdulaziz for their unlimited support.
This support enhances the Kingdom's strategic independence and backs the ambitious goals of Vision 2030, which aims to localize 50% of defense expenditure, Al-Ohali stated.
He noted that the Kingdom has started to reap the benefits of this support, with localization rates increasing from 4% to 13.6% at the end of 2022.
Moreover, 477 foundational permits and licenses have been issued for 265 companies operating in the defense industries sector and over 74 investment opportunities have been provided for supply chain localization, noted Al-Ohali.
He said that the sector's contribution to the GDP is expected to reach approximately SAR 93.75 billion by 2030. The sector is also expected to contribute an estimated total of 40,000 direct and 60,000 indirect job opportunities.
Al-Ohali highlighted the show's significance as a global platform for defence and security industry experts, manufacturers, and decision-makers. This second edition of the event builds on the achievements of its inaugural edition in 2022, positioning the show as a strategic tool to support the nation's localization efforts, he added.
Additionally, he said the show provides an ideal environment for fostering international partnerships in the defense and security industry, aligning with the Kingdom's vision through technology transfer and skill development.
