Security, Defence & Aerospace
From The Report: Saudi Arabia 2019
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As the world’s largest military spender per capita, Saudi Arabia is committed to maintaining the balance of power in the Middle East. It is also examining ways to balance its books by ensuring that a growing percentage of spending is on hardware locally produced within the Kingdom. Vision 2030 aims to localise spending on military equipment from its 2017 level of 2% to more than 50% by 2030. In the 2019 fiscal budget, 27% of spending was earmarked for defence and security, the highest allocation given to any sector. The government is also encouraging the development of advanced manufacturing in the Kingdom, and the aerospace segment in particular is a major target for increased investment. This chapter contains an interview with Andreas Schwer, CEO, Saudi Arabian Military Industries.