Saudi Arabia is hosting its first ever major defense show, and it will be MASSIVE. The World Defense Show begins in Riyadh will showcase the latest in defense industry tech. Saudi Arabia is one of the top spenders GLOBALLY on defense.
In 2020, it was the 6th largest spender on defense, plopping down an estimated $57.5 billion on defense, according to SIPRI. For 2022, Saudi Arabia’s budgeted defense spending is down from that figure, however, at $45.5 billion. That’s a trend in the right direction for Saudi Arabia as it looks to localize half of its defense spending by Vision 2030. Over 420 exhibitors are registered for the event, which will also feature a special zone for startups in the defense space. Saudi Arabia created a purpose-built space for this event, which will take place every other year…
Raytheon Technologies Corp plans to move Patriot missile parts production to Saudi Arabia, Asharq Business news website reported on Monday, citing Thomas Laliberty, the vice president of Land Warfare & Air Defense at Raytheon Missiles & Defense.
Also announced this week at the show so far: components for Lockheed Martin Corp.’s Thaad missile-defense system sold to Saudi Arabia will be built locally to develop the kingdom’s defense industry.