Business & Money | Monday 29 February, 2016 7:15 am |

The Armed Forces Exhibition for Diversification (AFED) of Local Manufacturing concluded on Saturday with the signing of 550 agreements with 300 

Deputy Crown Prince Mohammed bin Salman was represented by Assistant Defense Minister Gen. Mohammed Al-Ayesh in inaugurating the event that aimed to meet the armed forces’ requirements and ensure their preparedness through the establishment of a long-term relationship with the private sector.
The exhibition which drew a crowd of more than 20,000 visitors was held under the patronage of Custodian of the Two Holy Mosques King Salman. Some 600 companies displayed their products and services at the show. During the opening ceremony, Al-Ayesh said that Saudi Arabia plans to locally produce at least 10 percent of the military’s requirements and thereby reduce costs of such imports.
The opening day of the show witnessed the signing of five agreements for locally manufacturing defense equipment, including multipurpose helicopters and cargo aircraft.
“A group of companies affiliated with Saudi Technology Development and Investment Company (TAQNIA), fully owned by the Public Investments Fund, signed the agreements which included manufacture of multipurpose Black Hawk Sikorsky helicopters in the Kingdom, medium and heavy Antonov cargo aircraft with Ukrainian expertise, and different types of satellites for imaging and reconnaissance purposes with the US Digital Global company. The agreements also included cooperation in electronic warfare with the Turkish Aselsan company, and the establishment of a Saudi company, in partnership with the US Sora company, for the manufacturing and marketing of lighting lamps based on light emitting diode (LED) technology, one of the newest lighting techniques in the world, and setting up a factory for production in the Kingdom.
Speaking to the press at the conclusion of the show, Ibrahim Al-Ruwaisa spoke on behalf of the organizers and said that of the 7.025 million spare parts produced in the Kingdom, around 48,000 were for the military. He added that the Ministry of Defense is keen on involving the private sector in the manufacture of military spares in the Kingdom. The exhibition, organized for the first time in the Kingdom, explored ways to encourage the private and public sectors to manufacture defense equipment.
Abdul Rahman Al-Zamil, chairman of the Council of Saudi Chambers, said the exhibition enabled the private sector, specialized in the industrial field, to display their products, potentials and contribution to local manufacturing, and present their capabilities to the armed forces.
Prince Turki bin Saud bin Mohammed Al-Saud, president of King Abdulaziz City for Science and Technology, said that his organization played a key role in the localization of technology and it is prepared to cooperate with all parties in the private and public sectors to achieve their goals.