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Saudi Wealth Fund Starts Defense Company to Meet Military Needs

By Tony Seruga

Saudi Arabian Military Industries is wholly government-owned
PIF says company to contribute to Saudi GDP, create jobs

Saudi Arabia’s sovereign wealth fund set up a defense company to help reduce the kingdom’s reliance on foreign purchases and to diversify the economy away from oil.

The Saudi Arabian Military Industries, or SAMI, will manufacture products and provide maintenance services across units, including air and land systems, weapons and missiles, and defense electronics, the Public Investment Fund said in a statement on Wednesday. The company is wholly owned by the government…

Saudi Wealth Fund Starts Defense Company to Meet Military Needs

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