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Saudi Arabia to save $8.8 bln by localizing military industries
[ENGLISH.ALARABIYA.NET] Soddy Arabia...a kingdom taking up the bulk of the Arabian peninsula. Its primary economic activity involves exporting oil and soaking Islamic rubes on the annual hajj pilgrimage. The country supports a large number of princes in whatcha might call princely splendor. When the oil runs out the rest of the world is going to kick sand in the Soddy national face... is making significant progress in the manufacturing of spare parts and military industries in the Kingdom, which has allowed significant savings through domestically manufactured products against imported ones. "The savings - expected to be achieved by localizing 50 percent of the military spending amounting to 33 billion riyals ($8.8 bln) - is being re-injected into the Saudi economy," said the director of the local manufacturing support department at the Saudi Defense Ministry, Major General Attiyah al-Maliki. Al-Maliki said in an interview with Al Arabiya on the sidelines of the Armed Forces Exhibition to Support Local Manufacturing (AFED 2018) that the exhibition witnessed the signing of 33 memorandums of understanding and agreements since its launch among national companies, international companies and research centers, including 15 agreements which were signed recently. Posted by: Fred 2018-03-03 |
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