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Saudi Arabia to invest over $20 bln in its military industry over next decade

(FILES) In this file photo taken on November 22, 2020 a handout picture provided by the Saudi Royal Palace shows Saudi King Salman bin Abdulaziz Al-Saud delivering an address during the second session of the G20 summit, held virtually due to the COVID-19 coronavirus pandemic, in the capital Riyadh. - Saudi Arabia's king, not the younger de facto leader Crown Prince Mohammed bin Salman, will be the one getting a first phone call from US President Joe Biden, the White House said February 16, 2020.
Biden is using telephone diplomacy to underline the break with Donald Trump's Mideast policies. (Photo by Bandar AL-JALOUD / Saudi Royal Palace / AFP) / RESTRICTED TO EDITORIAL USE - MANDATORY CREDIT Premium
(FILES) In this file photo taken on November 22, 2020 a handout picture provided by the Saudi Royal Palace shows Saudi King Salman bin Abdulaziz Al-Saud delivering an address during the second session of the G20 summit, held virtually due to the COVID-19 coronavirus pandemic, in the capital Riyadh. - Saudi Arabia's king, not the younger de facto leader Crown Prince Mohammed bin Salman, will be the one getting a first phone call from US President Joe Biden, the White House said February 16, 2020. Biden is using telephone diplomacy to underline the break with Donald Trump's Mideast policies. (Photo by Bandar AL-JALOUD / Saudi Royal Palace / AFP) / RESTRICTED TO EDITORIAL USE - MANDATORY CREDIT "AFP PHOTO / SAUDI ROYAL PALACE / BANDAR AL-JALOUD" - NO MARKETING - NO ADVERTISING CAMPAIGNS - DISTRIBUTED AS A SERVICE TO CLIENTS (AFP)

The Gulf state wants to develop and manufacture more weapons and military systems domestically, aiming to spend 50% of the military budget locally by 2030

Saudi Arabia will invest more than $20 billion in its domestic military industry over the next decade as part of aggressive plans to boost local military spending, the head of the kingdom's military industry regulator said on Saturday.

The Gulf state wants to develop and manufacture more weapons and military systems domestically, aiming to spend 50% of the military budget locally by 2030.

"The government has put a plan that we will be investing in excess of $10 billion in the military industry in Saudi Arabia over the next decade and equal amounts on research and development," Governor of the General Authority for Military Industries (GAMI) Ahmed bin Abdulaziz Al-Ohali told a defence conference in Abu Dhabi.

He also said the kingdom plans to increase military research and development (R&D) spending from 0.2% to around 4% of armaments expenditure by 2030.

This story has been published from a wire agency feed without modifications to the text. Only the headline has been changed.

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