Saudi Arabia concluded its inaugural World Defence Show, with deals worth 29.7 billion Saudi riyals ($7.9bn) signed as the kingdom continues to invest in its defence industry.
Launched by the kingdom's General Authority for Military Industries, or Gami, the show focused on “defence interoperability”. It received 80 military delegations and 65,000 visitors from 85 countries, Gami said on Thursday.
The Ministry of Investment on Monday signed 12 agreements with companies to bolster investment in its defence sector and localise military spending.
L3Harris Technologies, an aerospace and defence technology company, and South Korean video surveillance company Hanwha were among the signatories, the ministry said.
Raytheon Saudi Arabia also said on Monday it will manufacture components for its Patriot air and missile defence system in Saudi Arabia.
Other companies that signed pacts with the ministry include Leonardo, LigNex 1, Norinco, the Naval Group, Expal Systems, Steel Core Designs, Al Hokair Group, Milkor, MacJee, CBC and Glock.
The ministry did not specify the value of the deals.
“The networking, knowledge-sharing and commercial relationships established through the World Defence Show platform will spur a new era of investment and growth for Saudi Arabia’s defence and security industry,” said Gami governor Ahmad Al-Ohali.
The show, which brought together 600 defence and security exhibitors from 42 countries, “reflects the kingdom’s position as a global driver of collaboration, innovation and business opportunities”, he said.
As the regulator, enabler and licensor of Saudi Arabia’s defence sector, Gami said it worked with partners to review contracts announced at the show, conducting a detailed evaluation of technical specifications to ensure spending efficiency and operational readiness.
Saudi Arabia, one of the world's top defence spenders, aims to localise more than 50 per cent of its military expenditure by 2030.
The move is part of the Vision 2030 economic transformation agenda, which seeks to develop the kingdom's manufacturing base, create jobs and cut its reliance on oil revenue to drive its economy.
The country's sovereign wealth fund, the Public Investment Fund, created Saudi Arabian Military Industries (Sami) in 2017 as part of the broader push to develop its defence industry.
The company has already signed several joint venture and partnership agreements to bring international expertise and knowledge to the kingdom's defence manufacturing sector.
On Wednesday, Sami signed financing agreements worth 7bn riyals with Saudi banks.
The deals with Saudi National Bank, Banque Saudi Fransi and Gulf International Bank will help the company to fund future projects related to localisation, infrastructure development, acquisitions and working capital finance in the defence industry.
“These agreements will support our principal goals and future projects and will strengthen and broaden the scope of our operations,” Sami chief executive Walid Abukhaled said.
“This deal will also support PIF’s efforts through Sami in localising cutting-edge technology and knowledge, as well as in building strategic economic partnerships.”
The networking, knowledge sharing and commercial relationships established through the World Defence Show platform will spur a new era of investment and growth for Saudi Arabia’s defence and security industry
Ahmad Al-Ohali,
governor of Gami
Sami will continue to build partnerships with local and international lenders to finance “many of our projects in the near future” that aim to strengthen the defence industries sector in Saudi Arabia, chief financial officer Mater Alenazi said.
Sami, which operates through five main divisions, aims to generate $5bn in annual sales by 2025 as it looks to become one of the top 25 defence companies in the world.
The company expects to win new contracts in the kingdom, establish strategic partnerships with top industry players and acquire more local targets, Mr Abukhaled told The National last year.
Europe's top EV producers
- Norway (63% of cars registered in 2021)
- Iceland (33%)
- Netherlands (20%)
- Sweden (19%)
- Austria (14%)
- Germany (14%)
- Denmark (13%)
- Switzerland (13%)
- United Kingdom (12%)
- Luxembourg (10%)
Source: VCOe
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Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
MO
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Company%C2%A0profile
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The specs
Engine: 2.0-litre 4-cylinder turbo
Power: 240hp at 5,500rpm
Torque: 390Nm at 3,000rpm
Transmission: eight-speed auto
Price: from Dh122,745
On sale: now
UAE currency: the story behind the money in your pockets
ULTRA PROCESSED FOODS
- Carbonated drinks, sweet or savoury packaged snacks, confectionery, mass-produced packaged breads and buns
- Margarines and spreads; cookies, biscuits, pastries, cakes, and cake mixes, breakfast cereals, cereal and energy bars
- Energy drinks, milk drinks, fruit yoghurts and fruit drinks, cocoa drinks, meat and chicken extracts and instant sauces
- Infant formulas and follow-on milks, health and slimming products such as powdered or fortified meal and dish substitutes
- Many ready-to-heat products including pre-prepared pies and pasta and pizza dishes, poultry and fish nuggets and sticks, sausages, burgers, hot dogs, and other reconstituted meat products, powdered and packaged instant soups, noodles and desserts
U19 WORLD CUP, WEST INDIES
UAE group fixtures (all in St Kitts)
Saturday 15 January: v Canada
Thursday 20 January: v England
Saturday 22 January: v Bangladesh
UAE squad
Alishan Sharafu (captain), Shival Bawa, Jash Giyanani, Sailles Jaishankar, Nilansh Keswani, Aayan Khan, Punya Mehra, Ali Naseer, Ronak Panoly, Dhruv Parashar, Vinayak Raghavan, Soorya Sathish, Aryansh Sharma, Adithya Shetty, Kai Smith
John%20Wick%3A%20Chapter%204
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WHAT%20IS%20THE%20LICENSING%20PROCESS%20FOR%20VARA%3F
%3Cp%3EVara%20will%20cater%20to%20three%20categories%20of%20companies%20in%20Dubai%20(except%20the%20DIFC)%3A%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ECategory%20A%3A%3C%2Fstrong%3E%20Minimum%20viable%20product%20(MVP)%20applicants%20that%20are%20currently%20in%20the%20process%20of%20securing%20an%20MVP%20licence%3A%20This%20is%20a%20three-stage%20process%20starting%20with%20%5B1%5D%20a%20provisional%20permit%2C%20graduating%20to%20%5B2%5D%20preparatory%20licence%20and%20concluding%20with%20%5B3%5D%20operational%20licence.%20Applicants%20that%20are%20already%20in%20the%20MVP%20process%20will%20be%20advised%20by%20Vara%20to%20either%20continue%20within%20the%20MVP%20framework%20or%20be%20transitioned%20to%20the%20full%20market%20product%20licensing%20process.%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ECategory%20B%3A%3C%2Fstrong%3E%20Existing%20legacy%20virtual%20asset%20service%20providers%20prior%20to%20February%207%2C%202023%2C%20which%20are%20required%20to%20come%20under%20Vara%20supervision.%20All%20operating%20service%20proviers%20in%20Dubai%20(excluding%20the%20DIFC)%20fall%20under%20Vara%E2%80%99s%20supervision.%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ECategory%20C%3A%3C%2Fstrong%3E%20New%20applicants%20seeking%20a%20Vara%20licence%20or%20existing%20applicants%20adding%20new%20activities.%20All%20applicants%20that%20do%20not%20fall%20under%20Category%20A%20or%20B%20can%20begin%20the%20application%20process%20through%20their%20current%20or%20prospective%20commercial%20licensor%20%E2%80%94%20the%20DET%20or%20Free%20Zone%20Authority%20%E2%80%94%20or%20directly%20through%20Vara%20in%20the%20instance%20that%20they%20have%20yet%20to%20determine%20the%20commercial%20operating%20zone%20in%20Dubai.%C2%A0%3C%2Fp%3E%0A
Why it pays to compare
A comparison of sending Dh20,000 from the UAE using two different routes at the same time - the first direct from a UAE bank to a bank in Germany, and the second from the same UAE bank via an online platform to Germany - found key differences in cost and speed. The transfers were both initiated on January 30.
Route 1: bank transfer
The UAE bank charged Dh152.25 for the Dh20,000 transfer. On top of that, their exchange rate margin added a difference of around Dh415, compared with the mid-market rate.
Total cost: Dh567.25 - around 2.9 per cent of the total amount
Total received: €4,670.30
Route 2: online platform
The UAE bank’s charge for sending Dh20,000 to a UK dirham-denominated account was Dh2.10. The exchange rate margin cost was Dh60, plus a Dh12 fee.
Total cost: Dh74.10, around 0.4 per cent of the transaction
Total received: €4,756
The UAE bank transfer was far quicker – around two to three working days, while the online platform took around four to five days, but was considerably cheaper. In the online platform transfer, the funds were also exposed to currency risk during the period it took for them to arrive.
Pakistan v New Zealand Test series
Pakistan: Sarfraz (c), Hafeez, Imam, Azhar, Sohail, Shafiq, Azam, Saad, Yasir, Asif, Abbas, Hassan, Afridi, Ashraf, Hamza
New Zealand: Williamson (c), Blundell, Boult, De Grandhomme, Henry, Latham, Nicholls, Ajaz, Raval, Sodhi, Somerville, Southee, Taylor, Wagner
Umpires: Bruce Oxerford (AUS) and Ian Gould (ENG); TV umpire: Paul Reiffel (AUS); Match referee: David Boon (AUS)
Tickets and schedule: Entry is free for all spectators. Gates open at 9am. Play commences at 10am
UAE currency: the story behind the money in your pockets
Indoor cricket in a nutshell
Indoor Cricket World Cup - Sep 16-20, Insportz, Dubai
16 Indoor cricket matches are 16 overs per side
8 There are eight players per team
9 There have been nine Indoor Cricket World Cups for men. Australia have won every one.
5 Five runs are deducted from the score when a wickets falls
4 Batsmen bat in pairs, facing four overs per partnership
Scoring In indoor cricket, runs are scored by way of both physical and bonus runs. Physical runs are scored by both batsmen completing a run from one crease to the other. Bonus runs are scored when the ball hits a net in different zones, but only when at least one physical run is score.
Zones
A Front net, behind the striker and wicketkeeper: 0 runs
B Side nets, between the striker and halfway down the pitch: 1 run
C Side nets between halfway and the bowlers end: 2 runs
D Back net: 4 runs on the bounce, 6 runs on the full
