“International Defense Exhibition” helps achieve Saudi Vision 2030
On the sixth of March, Riyadh is preparing to host the first edition of the “International Defense Exhibition”, under the patronage of the Custodian of the Two Holy Mosques King Salman bin Abdulaziz.
Ernst & Young Consulting expects the event to contribute to enriching the local economy of Saudi by providing thousands of job opportunities and achieving an economic contribution of about SAR 700 million.
The exhibition, which hosts more than 800 exhibitors from different countries of the world, and is organized by the General Authority for Military Industries in Saudi, contributes to achieving the goals of Saudi Vision 2030, which aims to achieve economic diversification, create new job opportunities and develop national competencies.
The exhibition, which will be held in an area of more than 800,000 square meters, will also allow the Kingdom to communicate with companies and investors from around the world with the aim of establishing partnerships, transferring technology know-how, and developing local competencies, which also supports the goals of its vision to localize more than 50 percent of military spending by 2030 on the one hand and boost economic growth on the other.
Ernst & Young
Ernst & Young estimated that the exhibition would contribute to creating SAR700 million ($186.6 million) in economic activity by 2030, the year when Saudi localizes 50 percent of its military spending.
The estimates highlight that the exhibition will help create 4,825 jobs in Saudi in industries such as construction, hospitality, and transportation.
Earlier, the CEO of the World Defense Exhibition, Andrew Percy, announced that the level of demand for participation in the exhibition reflects the great global industry confidence in the defense and security market in the Kingdom.
He added, “The first edition of the World Defense Exhibition will constitute an ideal opportunity for industry leaders from around the world to learn about the military industries system in Saudi Arabia and its strategic directions, and to meet the main partners in the industry through communication programs designed specifically to stimulate partnerships and deals between buyers and suppliers at all levels in the supply chain.”
It is noteworthy that hundreds of startups around the world have registered to participate with the aim of presenting their innovative ideas and defense-related technologies within the framework of the Startup Center, which is a program in which investors and startups looking for funding will meet, to create opportunities for emerging companies and innovative entrepreneurs.
Startups seek to connect with decision-makers, investors from the public and private sectors, and venture capitalists, in order to expand their businesses.
The fair also provides programs to prepare the next generation of local talent. A program has been allocated for “Future Talents” which reviews development opportunities and vocational training programs in the sector in front of 5,000 distinguished students in the fields of science, technology, and engineering.
The Startup Center and the Future Talents Program will witness other important activities that will provide proper communication between those interested in the defense sector, including:
– Riyadh Defense Forum: It is the first event of its kind in the region organized by the International Institute for Studies, one of the intellectual leadership institutions in the world.
– Official Operating Program: It is an opportunity to meet the most important figures in the business sector system all over the world.
– Partner meeting program.
– Program to identify the preferred applications in government offers and more.
– Command and Control Center.
– Intellectual leadership sessions.
– Women in self defense.