RIYADH: The General Authority for Military Industries announced that the localization rate of military spending in Saudi Arabia reached 24.89 percent by the end of 2024, highlighting the Kingdom’s steady progress toward achieving over 50 percent localization by 2030.
The announcement came during the annual military industries sector meeting, held in Riyadh on Monday, with participation from government and private sector representatives, as well as local and international defense companies.
During the event, GAMI honored beneficiary entities, supporting partners, and companies that received the Excellence Award in Localizing Military Industries in recognition of their contributions to advancing the national defense sector.
GAMI Gov. Ahmed Al-Ohali told Arab News that the event reflects a “success story that continues to grow year after year, driven by collaboration across the defense ecosystem.”
He added: “By the end of 2024, we achieved a localization rate of 24.9 percent of total military spending, compared to just 4 percent in 2018. We also reached a record-high local content rate, surpassing our targets, thanks to the leadership’s unwavering support and the close cooperation between the military, security, and industrial sectors.”
