World Defense Show 2024 was inaugurated by Prime Minister and Defense Minister Prince Khalid bin Salman on Sunday.
The exhibition has participation from over 773 exhibitors representing more than 75 countries, alongside numerous government entities and leading local and international companies in the defense and security sector.
Ahmad Al-Ohali, Governor of the General Authority for Military Industries, expressed his profound gratitude to the King and Crown Prince for their support which “enhances the Kingdom's strategic independence and serves the ambitious goals of Vision 2030 which aims localize 50% of defense expenditure.
He noted that the Kingdom has begun to reap the benefits of this support, with localization rates increasing from 4% to 13.6% at the end of 2022.
The number of foundational permits and licenses reached 477 permits for 265 companies operating in the defense industries sector, alongside the launch of over 74 investment opportunities for supply chain localization.
The sector's contribution to the GDP is expected to reach approximately SAR 93.75 billion by 2030, with an estimated total of 40,000 direct job opportunities and 60,000 indirect job opportunities.