Saudi Arabia is undergoing a tremendous transformation, and according to Walid Abukhaled, CEO of Saudi Arabian Military Industries (SAMI), it's one of the fastest in history. He spoke about this at the World Defense Show 2024, emphasizing that significant changes are happening not just economically, but socially as well.

 

Abukhaled pointed out that these social changes might not be immediately visible, creating a bit of confusion initially within the defense industry. However, he highlighted the tremendous opportunities this transformation has brought to various sectors. The government's smooth and unexpected changes have paved the way for new possibilities.

 

One major aspect of this transformation is the localization of defense spending, as outlined in Vision 2030. Abukhaled stressed the importance of focusing on the domestic market, stating that the Kingdom's market is one of the largest globally. He mentioned that SAMI aims to be among the top 25 defense companies worldwide by 2030, with a clear strategy to achieve this goal.

 

The CEO also assured that there is now a clear understanding within the industry. When localization is needed, there is an authority to consult, and there's a well-defined industrial conservation plan to facilitate the process. Abukhaled questioned the need to focus on exports when ample opportunities exist within the Kingdom.

 

Khaled Al-Biyari, assistant minister of Defense Executive Affairs at the Ministry of Defense, highlighted the lesser-explored aspect of Vision 2030—Saudi Arabia's efforts to modernize its military and security capabilities. The Ministry of Defense’s Transformation Program aims to safeguard the Kingdom’s interests, including strengthening and modernizing defense capabilities and localizing over 50 percent of military expenditure by 2030.

 

As the World Defense Show returned to Riyadh in 2024, it showcased over 750 exhibitors from 77 nations, demonstrating the industry’s readiness for the future. The event serves as a testament to Saudi Arabia's commitment to its transformative journey, offering opportunities not only for international collaboration but also for the growth of its domestic industries.