Saudi Arabian Military Industries appoints Walid Abukhaled as acting CEO

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State-owned Saudi Arabian Military Industries (SAMI) announced on Friday the appointment of Walid Abukhaled as acting chief executive officer, taking over from Andreas Schwer.

The company, established in May 2017, seeks to localize 50 percent of military spending by 2030 as part of Crown Prince Mohammed bin Salman’s plan to diversify the kingdom’s economy away from oil revenue.

It is owned by the kingdom's Public Investment Fund. Schwer was the boss of combat systems at Germany's Rheinmetall AG before he joined SAMI as chief executive in 2018.

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