Saudi Arabia plan to produce weapons from savings of about eighty billion dollars

[The SC]

Saudi Arabia is seeking to reduce dependence on arms purchases from abroad by boosting domestic industries.

Middle East Online - Riyadh

Saudi deputy Crown Prince Mohammed bin Salman has announced that his country aims to establish a local network for the manufacture of weapons and provide 60 to 80 billion dollars from the Kingdom's purchase of weapons from abroad.

Saudi Arabia is seeking to cut costs by boosting local industries by implementing partnerships and alliances with international companies to counter declining revenues from falling oil prices, and in line with Saudi Arabia's 2030 Vision.

In an interview with the Washington Post on Friday, Prince Mohammed bin Salman did not specify how long it will take the Kingdom to be able to provide the value of its arms imports.

The Crown Prince, who is also defense minister, said his country plans to produce cars locally to replace the government's annual spending on imports worth nearly $ 14 billion.

A report released last year by AHS Economic Watch showed that Saudi Arabia's arms imports pushed global arms sales up about 10 percent last year.

Saudi Arabia's imports of arms jumped 50 percent to $ 9.3 billion in 2016, the largest growth in the Middle East and Southeast Asia, the report said.

According to Prince Mohammed, Saudi Arabia aims to set up local tourism entertainment sectors to get a portion of what the Saudis spend annually when they travel abroad, estimated at $ 22 billion.

Prince Mohammed, who is also chairman of the country's economic affairs council, said the exact size of the Saudi Aramco IPO would depend on the capital market demand and provide good options for investing the revenue generated.

He said the basic idea behind selling a stake in the Saudi oil giant was to raise money to diversify the economy away from energy dependence.

The Saudi government plans to raise 5% of Saudi Aramco to the public offering in 2018, coinciding with the country's current revenues from the decline in crude oil prices than it was in 2014.

Saudi Arabia last December announced a budget of 2017 with a total expenditure of 237.3 billion dollars against revenues of 184.5 billion dollars with a deficit of about 52 billion dollars.

http://middle-east-online.com/?id=246848

 

[The SC]

Al - Ibtihat program ending with recruitment Which was launched in late 2015
The General Organization for Military Industries received a huge number of educational opportunities. The foundation has sent 5,000 students to major industrial universities in Europe, the United States, Korea and Ukraine to study precise disciplines in the arms industry, according to the Ministry of Education.
These are the first steps.. It will help to form the Scientific minds needed

 

[Jacob Martin]

I hope oil prices remain low enough for as long as required to drill some sense into the Monarchy.