The Council of Ministers approved on Monday the setting up of the General Authority for Military Industries, which enjoys legal status as well as financial and administrative independence.
The weekly session of the Cabinet, chaired by Crown Prince Muhammad Bin Salman, deputy premier and minister of defense, decided to establish the Authority in line with a recommendation from the Council of Economic and Development Affairs.
The Authority aims to regulate the military industry in the Kingdom, develop and monitor its performance, and do everything necessary to achieve its objectives.
The Cabinet also decided that the Authority shall have a Board of Directors chaired by the deputy premier; with its members comprising of minister of energy, industry and mineral resources; minister of finance; minister of commerce and investment, and chairman of the Board of Directors of Saudi Military Industries Company.
The state-owned Saudi Public Investment Fund (PIF) also announced the launching of a national state company for arms manufacturing which will in turn create thousands of jobs in the Kingdom. The new company, Saudi Arabian Military Industries (SAMI), is part of the Kingdom’s Vision 2030, the sovereign wealth fund PIF said in a statement.
SAMI will "initially manufacture products and provide services across four business units: air systems, land systems, weapons and missiles (including ammunitions); and defense electronics," PIF said in a statement.
