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The Saudi Authority for Industrial Cities and Technology Zones (Modon) secured new investments worth SAR 130 mn aimed at the localization of military aviation manufacturing and drones, state news agency SPA reported yesterday. It did not disclose the identities of the firms with which Modon contracted during the World Defense Show (WDS) held in Riyadh last week.
What we know: Modon signed two contracts worth SAR 50 mn each that will see the building of factories specialized in manufacturing military aircraft, aircraft parts, and drones. It also signed an SAR 30 mn to allocate 3k sqm of land for the repair and maintenance of ships and the revamp of military vessels.
AND- Nadrah Trading Company has inked a SAR 1 bn agreement with India’s state-owned Munitions India Limited (MIL) to set up an artillery ammunition factory in the Kingdom, SPA separately reported. No further information was provided.
REMEMBER- The Kingdom has a target of localizing over 50% of its military equipment spending by 2030.
