Business & Money | Saturday 25 February, 2017 8:07 am |

Saudi Arabia put up a strong performance at the Idex International Defense Exhibition and Conference 2017 held last week.
“Saudi Arabia’s strong showing was in accordance with the Kingdom’s Vision 2030 plan,” Abdullah Al-Meleihi, board member of the Council of the Saudi Chambers of Commerce and Industry (CSCCI), told Arab News from Abu Dhabi.

He said that the Kingdom displayed new products that included armed vehicles and drones in this year’s military exhibition.
Al-Meleihi, who also the chairman of the Al-Ramez International Group, said that the Kingdom aims to localize the manufacture and assembly of military equipment.
He said that the Advanced Electronics Company (AEC) entered into an agreement with Prince Sultan Advanced Technology Research Institute (PSATRI) to explore opportunities across a wide range of mission areas.
“AEC is a trusted partner with substantial capabilities and highly qualified workforce,” Sami M. Alhumaidi, PSATRI’s managing director, said in a statement. “Our cooperation with AEC will enhance the local capability in this strategic field. We look forward to increasing our teamwork to serve the Saudi market.”
AEC , which was one of 25 Saudi firms participating in the exhibition, specializes in advanced electronics and manufacturing for defense and communication.
Al-Meleihi added that the Kingdom needs to step up arms assembly and manufacturing because the country’s spending on military equipment has increased.
The Kingdom produces only 2 percent of its required military equipment. Saudi Arabia is expected to remain the largest spender on defense in the region.
The country was the world’s second largest importer of arms from 2012 to 2016, compared with the 2007-2011 period, rising by 212 percent and representing 8.2 percent of the total, according to a report of the Stockholm International Peace Research Institute.