- The company was launched in May 2017 and aims to be among the top 25 military industries companies in the world by 2030
RIYADH: The Saudi Arabian Military Industries Corporation (SAMI), owned by the Public Investment Fund (PIF), has restructured its board of directors, with the appointment of Ahmed bin Aqeel Al-Khateeb as chairman and Ghassan Al-Shibl as vice president.
It also approved increasing the number of the board members from 9 to 10, SPA reported.
“The board of directors will make every effort to ensure that the company succeeds in localizing more than 50 percent of the Kingdom’s military spending by 2030,” Al-Khateeb said.
The company was launched in May 2017 and aims to be among the top 25 military industries companies in the world by 2030.
Saudi Arabia is a major buyer in the global defense sector and the Kingdom wants to redirect some of that spending to homegrown companies in an effort to boost manufacturing jobs.