Saudi Arabia’s defense ministry signed 10 contracts worth 7 billion Saudi riyals ($1.8 billion) with local and international companies during the third day of the World Defense Show, state news agency (SPA) reported on Tuesday.
The largest contract is worth three billion SAR, approximately $800 million, and it was signed with the South Korean conglomerate Hanwha to strengthen the Kingdom’s defense capabilities and supply chains.
According to the report, the ministry signed three contracts worth 1.7 billion Saudi riyals ($453 million) with Saudi Arabia’s Alsalam Aerospace Industries and a contract worth 400 million Saudi riyals ($106 million) with GDC Middle East, a Saudi company that specializes in aerospace engineering.
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Three contracts were signed with a Chinese corporation and a South Korean company to secure various types of ammunition to the Kingdom’s General Department of Weapons and Explosives.
The first one, worth 430 million Saudi riyals ($114 million), was signed with China’s Norinco (China North Industries Corporation Limited), while the other two, worth 460 million Saudi riyals ($122 million), were signed with South Korea’s Poongsan Corporation.
“These contracts, which were signed upon the directives of Saudi Arabia’s Crown Prince and Minister of Defense Mohammed bin Salman, aim to strengthen the armed forces and localize military industries,” Dr. Khaled Al-Biyari, assistant defense minister for executive affairs, said.
Saudi Arabia’s first World Defense Show opened to the public on Sunday. It features nearly 600 exhibitors from over 40 countries, and organizers predict that 30,000 people will attend.
The World Defense Show concludes on Wednesday. The exhibition, organized by the Kingdom’s General Authority for Military Industries (GAMI), is due to be held every two years.
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