Saudi Arabia’s Ministry of Investment (MISA) and the General Authority for Military Industries (GAMI) have signed a memorandum of understanding (MoU) with the pioneering Italian company Elettronica to boost the Saudi Defense sector.
According to the Saudi Press Agency (SPA), the MoU aims basically at fostering investment in the Kingdom’s military industries.
The new deal will explore a vast array of investment opportunities to achieve Saudi Arabia’s ambitious objectives and increase the contribution of foreign direct investment to the Kingdom’s GDP to 5.7%.
The Saudi-Italian cooperation anticipates the growth of the private sector’s contribution to the GDP to 65% and the localization of 50% of the total spending on the military sector by 2030.
The agreement was part of MISA’s participation at the Ambrosetti Forum, that was held at the Italian city of Como and highlighted the attendance of several countries and major international companies.
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