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Saudi Arabia Provides 50% of Arms Purchases by 2030 | ASHARQ AL-AWSAT English Archive 2005 -2017
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Mohammed Al-Jadaan, Saudi Minister of Finance, gestures during a news conference announcing the first Quarter of Saudi budget, in Riyadh, Saudi Arabia, May 11, 2017. REUTERS/Faisal Al Nasser

Riyadh- Saudi Finance Minister Mohammed al-Jadaan said that the agreement signed on Saturday with the US to localize the arms industry in the kingdom will provide 50 percent of the kingdom’s purchases of arms in 2030.

He said that details of the agreement -one of many others with the US side- will be announced by the competent authorities.

The minister of finance stated that the deal would strengthen the Saudi economy in various fields and contribute to creating job opportunities for young Saudis.

Jadaan said that during the preparation phase for launching Saudi Vision 2030 the Saudi points of strengths and special features were considered along with the Saudi market potentials.

“This was represented in hundreds of workshops that took place for seven months and included initiatives special to the Saudi Vision 2030,” he added.

During a joint news conference for Jadaan, Mohammad Abdul Malik Al Shaikh, chairman of the General Authority of Sports, and Mohammad al-Tuwaijri, deputy minister of economy and planning, the finance minister stated that there are ten programs and the main focus will be the national transformation program launched in 2017.

Shaikh said that the General Authority of Sports is, meanwhile, considering several agreements with other parties to restructure the sports sector in the kingdom and develop it in line with Saudi Vision 2030.

As for Tuwaijri, he stated that meetings with CEOs of US companies have shown willingness from the American side to localize jobs, technology and knowledge in the kingdom.

He added that there is a comprehensive industrial strategy and an absolute conviction through Saudi Vision 2030 that the economy, which does not rely on exports, faces huge difficulties in growth.

The deputy minister of economy and planning revealed that there is a thorough and ambitious program through the vision that aims at restructuring the economy and diversifying its sources instead of depending on one source.