Saudi Arabia to cut down on foreign military spending

Saudi Arabia, one of the world’s biggest military spenders, seeks a major boost to its small local defense industry under a wide-ranging plan unveiled Monday to transform the oil-dependent economy.

Currently only two percent of the kingdom’s defense spending is within its borders, but this will rise to “30 percent to 50 percent to endow the country with a new industry,” Deputy Crown Prince Mohammed bin Salman says, unveiling the Vision 2030 plan.

Saudi Arabia has traditionally bought its weapons from the United States, Britain and France but “has a strong demand that we should satisfy locally,” the prince, who is also defense minister, tells Saudi-owned Al-Arabiya television.

“From now on the ministry of defense and other security and military agencies will only place a contract with a foreign supplier if it is linked to a local industry,” he says in an interview.

“We are proceeding with a restructuring of several of our military contracts to link them to a Saudi industry.”

— AFP