By Tala Michel Issa
Saudi Arabia spent $1.4 billion (5.1 billion riyals) in incentives to boost its local military sector over the last two years, the governor of the sectorâs general authority Ahmed al-Ohali said on Monday.
Al-Ohali said that the incentives included $877 million (3.3 billion riyals) which was directed to research and development throughout 2021 and 2022. He added that the remaining $478.6 million (1.8 billion riyals) was distributed to companies in the Kingdomâs military sector, including Saudi Arabian Military Industries (SAMI).
In a video address shared by the official Saudi Press Agency (SPA) on Twitter, al-Ohali said that the Kingdomâs military sector is expected to contribute around $25.2 billion (95 billion) riyals to Saudi Arabiaâs GDP by 2030.
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