Speaking at a conference, Defense Minister, Mohammad Bin Salman Al Saud said Saudi Arabia would boost its military sector dramatically so it can purchase 30-50 percent of its needs for weapons from domestic manufacturers.
He said the kingdom’s plans to develop its own arms industry, allowing the Saudi military to become fully independent from America weapons sales.
“We’re about to establish a holding company in the weapons industry that will be owned 100% by the government and will eventually be registered on the stock market.” Bin Salman added.
The plan is intended to immunize the Saudi economy from the repercussions of falling oil prices, which are anticipated to decline to around $30 a barrel in the near future.
Saudi Arabia was the world’s third-biggest military spender in 2015. Earlier in the month, the Stockholm International Peace Research Institute reported that Riyadh had spent USD 87.2 billion on weapons last year.
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