Defense Industry - Saudi Arabia
April 26, 2022
In recent years the Saudi market has been opening up as the Crown Prince, Mohammed bin Salman (MBS), seeks to reposition the Kingdom with less reliance on oil and a more sustainable economic foundation for his country. The process to open-up the Kingdom is not easy and has resulted in the largest transformation program that the world has ever seen. Under the banner of Vision 2030, MBS has set out the priorities for the Saudi Government for the next 10 years and these focus on the diversification of the economy away from oil and the creation of jobs for huge, youthful Saudi national population. We now see opportunities in all sectors that were previously difficult or impossible for foreign businesses to access such as in education, training, construction and the healthcare sector.
Defense, however, has always been ‘open’ to western suppliers and prime contractors to a certain extent. The security relationship between the Kingdom and the US (and other key defense partners such as the UK and France) has always been shored up by defense sector procurement contracts.
The Defense Industry in Saudi Arabia report outlines general market entry strategy for Virginia businesses looking to sell into the Saudi defense market. It also provides an overview of current trends in the market, including government bodies and defense news, and details government & defense sector procurement.