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2024 marks Saudi Arabia’s bold leap toward technological leadership

Saudi Arabia is poised to continue shaping the future of technology, creating growth opportunities, and enhancing the quality of life for its citizens. Shutterstock
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Updated 31 December 2024
 MIGUEL HADCHITY
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2024 marks Saudi Arabia’s bold leap toward technological leadership

  • Kingdom launched ALLaM, a generative AI model tailored specifically for the Arabic language
  • Technology also played a critical role during the Hajj season
Updated 31 December 2024
 MIGUEL HADCHITY

RIYADH: Saudi Arabia’s digital transformation journey reached new heights in 2024, solidifying its position as a global leader in technology and innovation. 

Guided by Vision 2030, the Kingdom continued to reshape its economic and social landscapes through extensive digital initiatives spanning government, the private sector, and international partnerships. From advancements in artificial intelligence to significant strides in the digital economy, Saudi Arabia’s achievements over the past year set the stage for even bolder ambitions in 2025.

Revolutionary achievements

One of the standout accomplishments of 2024 was the consolidation of government data. The creation of a centralized data lake integrated 27 large systems with over 322 systems in the National Data Bank. This initiative not only enhanced the quality of national data but also automated data-sharing processes, fostering collaboration across entities and delivering substantial cost savings.

Saudi Arabia also launched ALLaM, a generative AI model tailored specifically for the Arabic language. Integrated into IBM’s Watsonx platform, ALLaM was recognized as the leading generative AI model for Arabic, as measured by the Arabic MMLU benchmark. This innovation underscored the Kingdom’s commitment to preserving its cultural and linguistic heritage while advancing global AI standards.

“Saudi Arabia’s digital transformation initiatives, driven by Vision 2030, have created a strong foundation for the Kingdom to emerge as a global leader in technology and innovation,” said Louise Bou Rached, sales director for the Middle East, North Africa, and Turkiye region at Milestone Systems, in an interview with Arab News. 




Louise Bou Rached, Sales Director, MENAT at Milestone Systems. Supplied

She continued: “The strategic focus on AI, IoT (Internet of Things), 5G, and cloud infrastructure is enabling the development of smart cities, digital governance, and innovative industries.”

Bou Rached highlighted initiatives like NEOM and The Line, which combine cutting-edge technology with sustainability to redefine urban living and attract global attention. “This transformation is enhancing the Kingdom’s international reputation and driving economic diversification, positioning Saudi Arabia as a model for other nations aspiring to achieve technological leadership,” she said.

A key element in this transformation has been the integration of advanced video management systems across smart city projects, improving security, efficiency, and data-driven decision making. “VMS technology ensures the seamless operation of urban environments and aligns with the Kingdom’s broader vision of fostering a secure and intelligent ecosystem,” Bou Rached added.

Technology also played a critical role during the Hajj season, with advanced AI solutions ensuring the safety and well-being of millions of pilgrims. Smart platforms like Basier and Sawaher deployed over 400 AI-linked cameras across key locations, including tunnels and the Jamarat facility. These systems provided real-time crowd density analysis, enabling authorities to address emergencies efficiently. This initiative marked a significant leap in combining AI with large-scale event management.

“Projects involving smart cities, artificial intelligence, and renewable energy are shaping new industries and lifestyles in Saudi Arabia,” said Arun Leslie John, the chief market analyst at Century Financial, in an interview with Arab News. Smart cities like NEOM, he noted, are redefining urban living with intelligent systems that optimize resource management, sustainability, and citizen engagement.

“AI is reshaping industries, from health care to logistics, by enabling predictive analytics, automating processes, and improving efficiency,” he added. John also pointed out that the implementation of Open RAN technology is “seriously changing the scene of the country’s telecommunications sector, offering flexible and cost-efficient network infrastructure, essential for extending 5G and upcoming 6G networks.” 

“Companies specializing in such technologies can take advantage of the emergent demand for improved telecommunication solutions,” John said.




Arun Leslie John, Chief Market Analyst at Century Financial. Supplied

AI discussions

Saudi Arabia reinforced its position as a global AI leader by hosting the third Global AI Summit, which brought together world leaders, researchers, and industry experts to discuss ethics, developments, and the future of AI. The event emphasized the Kingdom’s commitment to becoming a hub for AI innovation.

The country also launched the Open Access National Gateway, providing scientists and researchers access to more than 1,000 advanced laboratories. This initiative bolstered Saudi Arabia’s ability to attract top talent, foster innovation, and drive scientific breakthroughs across various fields. 

The establishment of the National Semiconductor Hub marked a significant milestone in the Kingdom’s drive for technological independence. Launched in partnership with top institutions like King Abdullah University of Science and Technology, the hub supports multiple initiatives, including a joint master’s program with the University of California and Princess Nourah University. Over 850 professionals were trained to localize semiconductor technology, further cementing Saudi Arabia’s place in the global tech landscape.

“Saudi Arabia’s investment in space exploration is about exploring the cosmos and leveraging satellite technology to advance telecommunications, agriculture, and disaster management. These advancements are driving diversification away from oil dependency, creating a high-tech economy that attracts global investments and cultivates homegrown innovation,” Bou Rached noted.

Saudi Arabia’s digital transformation efforts received global recognition in 2024. The Kingdom achieved several milestones such as securing the second place among G20 countries in the ICT Development Index and sixth place globally in the UN E-Government Development Index, climbing 25 positions.

These achievements underscored Saudi Arabia’s progress in delivering efficient, accessible, and citizen-centric digital services.

In the space sector, Saudi Arabia celebrated the graduation of 15 startups from the Space Tech Entrepreneurship Program, which offered financial support, training, and mentorship. This initiative attracted both domestic and international investments, highlighting the Kingdom’s growing influence in the space industry.

The Kingdom also secured over SR41 billion ($10.9 billion) in foreign and domestic investments in technology and data centers in 2024. These investments were complemented by enhancements to digital infrastructure, including efforts to localize emerging technologies and establish a thriving innovation ecosystem.

Notable initiatives included the Cloud First Policy, which prioritized cloud-based solutions across government entities and the expansion of 5G networks, positioning Saudi Arabia among the top 10 countries globally for mobile Internet speeds.

In March, the Kingdom unveiled an updated Digital Transformation Index, designed to elevate public sector adherence to technological advancements. The revised standards, reduced from 125 to 96, aimed to improve the quality of e-government services in line with Vision 2030. More than 233 entities participated in workshops to refine methodologies, contributing to an 85.53 percent overall progress rate in digital transformation.

‘Into New Worlds’

Scheduled for February 2025 in Riyadh, LEAP – the Kingdom’s premier tech-focused conference and exhibition – will bring together 1,000 expert speakers, 680 startups, and over 215,000 global attendees. Under the theme “Into New Worlds,” the event will explore cutting-edge technologies and their practical applications. The 2024 edition of LEAP surpassed previous ones, with agreements worth more than $12 billion being signed.

Greater achievements on the horizon

Saudi Arabia’s roadmap for 2025 builds on the transformative momentum of 2024, with ambitious plans designed to further elevate the Kingdom’s global standing in technology and innovation. In AI and data advancements, efforts will focus on increasing the number of datasets in the National Data Bank to improve accessibility and foster greater collaboration.

The adoption of AI across government entities will be further strengthened to stimulate innovation and improve service delivery. Expanding the scope of the National Smart Cities Platform will be a key priority, with an emphasis on security, safety, and sustainability, while introducing new use cases to enhance quality of life and environmental conservation.

In space exploration, Saudi Arabia plans to manufacture and launch a satellite dedicated to investigating space weather as part of the Artemis 2 mission to the moon. Economically, the Kingdom aims to bolster the ICT sector’s contribution to its gross domestic product by introducing two additional multibillion-dollar companies, bringing the total number of such companies to eight.

As 2025 unfolds, Saudi Arabia is poised to continue shaping the future of technology, creating growth opportunities, and enhancing the quality of life for its citizens. By building on its 2024 achievements, the Kingdom is well-positioned to realize its Vision 2030 goals and establish itself as a global leader in the digital era.

Topics: Saudi Arabia Saudi technology Vision 2030

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Saudi banks’ money supply hits $786bn, time and savings deposits share at 15-year high

Updated 9 sec ago
Dayan Abou Tine
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Saudi banks’ money supply hits $786bn, time and savings deposits share at 15-year high

Updated 9 sec ago
Dayan Abou Tine

RIYADH: Saudi banks money supply reached SR2.95 trillion ($785.51 billion) in November, marking a 10.3 percent rise compared to the same month last year, according to official data.

Figures released by the Saudi Central Bank, also known as SAMA, revealed that time and savings deposits have reached their highest percentage share of the money supply in over 15 years, accounting for 33.61 percent or SR989.99 billion.

These deposits also recorded the fastest growth rate among all components of the money supply, increasing by 18.10 percent.

Demand deposits accounted for the largest share at 48.76 percent, a slight decline from their 50 percent share a year earlier, though they grew by 7.69 percent during this period. The remaining components collectively made up 17.63 percent of the total money supply.

Edmond Christou, senior industry analyst at Bloomberg Intelligence told Arab News, “Local lenders’ role in financing projects requires more cash, underpinning the likes of Saudi Fransi, ANB, Rajhi and SNB issuing euro-denominated medium-term notes.”

He added: “Saudi central bank putting state funds on time deposits helped bank cash flow, along with open market operations and $31 billion of debt sales since 2022 or $25 billion excluding SNB’s CDS.” 

According to the analyst, this surge in term deposits is a development driven by tighter liquidity conditions and elevated interest rates. The rise reflects strategic measures by local banks to navigate strong loan demand while attracting funds to stabilize their balance sheets.

Recent data from SAMA revealed that deposit growth is slightly behind loan issuance, putting some pressure on liquidity. Loans grew 13.33 percent year-on-year in November, outpacing the 10.52 percent increase in deposits. This imbalance has pushed banks to compete for depositors by offering attractive returns on term deposits.

Saudi Arabia has been driving substantial government projects to support its Vision 2030 ambitions, with a heavy emphasis on construction activity to transform its infrastructure, tourism, and overall economic landscape.

These projects, ranging from mega cities like NEOM to significant infrastructure developments, require vast amounts of funding, and banks have played a crucial role in financing them. To support these large-scale endeavors, the demand for credit has surged.

Interest rates in Saudi Arabia also reached elevated levels, partly due to the riyal’s peg to the US dollar, which has been influenced by the Federal Reserve’s tightening monetary policy aimed at combating inflation.

This led to a peak in interest rates, which climbed to as high as 6 percent. However, as inflation levels have moderated, there has been a shift in the monetary policy since September, with SAMA implementing three rate cuts — one of 50 basis points, followed by two additional 25 basis point reductions.

This shift signals a more accommodating policy stance, likely to ease some of the pressure on borrowing costs while maintaining financial stability.

The rise in term deposits underscores a shift in the Saudi banking sector’s approach to funding. Banks are incentivizing savers with higher returns to ensure stability, particularly as demand for credit grows due to Saudi Arabia’s ambitious Vision 2030 projects.

Term deposits provide a more predictable funding source compared to demand accounts, which can fluctuate significantly. The strategic shift helps banks align their funding structure with long-term lending requirements, particularly for infrastructure and construction projects.

Higher Saibor spread to boost funding

The elevated 115-basis point spread between the Saudi Interbank Offered Rate, known as Saibor, and the US Secured Overnight Financing Rate illustrates the tight liquidity landscape, according to Christou.

A higher Saibor compared to SOFR means that borrowing and funding costs in Saudi Arabia are relatively higher than those in the US. Historically, this spread hovered around 70 basis points, but sustained demand for credit has kept it significantly higher.

“The 115-bp Saibor spread over the secured overnight financing rate versus the normalized 70-bp historical range -nevertheless an improvement against the 2022 liquidity crisis – shows liquidity remains tight,” the analyst said.

In an environment where deposit inflows remain moderate, banks have also turned to external borrowing, including issuing euro-denominated bonds, to bridge funding gaps.

Local lenders like Al Rajhi Bank, Saudi National Bank, and Banque Saudi Fransi have leveraged such instruments to support their liquidity needs, according to the analyst.

While liquidity remains constrained, the current environment is an improvement over 2022 according to the analyst, when Saudi banks faced acute pressures due to surging credit demand.

SAMA’s debt issuance of over $31 billion since 2022, combined with other supportive measures, has alleviated some of the strain. However, the banking sector must continue to address systemic challenges to sustain long-term growth, Christou said.

Loan-to-Deposit ratio below limit

The loan-to-deposit ratio in Saudi banks has remained steady at 82.16 percent in November, despite the fact that loans grew by over 13 percent annually, which outpaced the deposits growth over the same period.

The LDR is a key indicator used by banks to measure the proportion of loans granted compared to the deposits they hold. In this case, even though the demand for loans has increased at a faster pace than deposit growth, the ratio has stayed below the regulatory limit of 90 percent.

The stability in the LDR is likely due to support from other sources of funding, such as debt issuance and private placements. These alternative funding methods have helped banks maintain their liquidity and ensure they can continue to lend without being overly reliant on deposits, according to Christou.

According to a June report by the International Monetary Fund, the Saudi banking sector is resilient, with stress tests indicating that both banks and non-financial businesses can withstand shocks, even in challenging scenarios.

However, close attention is needed to balance credit growth, funding, and systemic risks, especially as large-scale government projects under Vision 2030 accelerate.

While banks are well-capitalized, profitable, and maintain high liquidity with low nonperforming loans, there are potential risks tied to fast credit growth and the increasing reliance on non-deposit funding sources.

To manage these risks, SAMA may need to adjust its policies, such as revisiting loan-to-value limits, debt burden guidelines, and loan-to-deposit ratios.

Enhanced tools, like a countercyclical capital buffer, can also help prepare for future challenges. Moreover, better monitoring — such as tracking house prices and bank exposures to large projects — would provide a clearer picture of risks.

Topics: Saudi money supply Saudi banks Saudi Central Bank (SAMA)

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Oil Updates — crude extends gains on optimism over policy support for growth

Updated 52 min 3 sec ago
Reuters
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Oil Updates — crude extends gains on optimism over policy support for growth

Updated 52 min 3 sec ago
Reuters

SINGAPORE: Oil prices extended gains on Friday after closing at their highest in more than two months in the prior session, amid hopes that governments around the world may increase policy support to revive economic growth that would lift fuel demand.

Brent crude futures rose 22 cents, or 0.3 percent, to $76.15 a barrel by 7:20 a.m. Saudi time, after settling at its highest since Oct. 25 on Thursday. US West Texas Intermediate crude was up 25 cents, or 0.3 percent, at $73.38 a barrel, with Thursday’s close its highest since Oct. 14.

Both contracts are on track for their second weekly increase after investors returned from holidays, improving trade liquidity.

Factory activity in Asia, Europe and the US ended 2024 on a soft note as expectations for the New Year soured due to growing trade risks from Donald Trump’s impending return to the US presidency and China’s fragile economic recovery.

“The December PMIs for Asia were a mixed bag, but we continue to expect manufacturing activity and GDP growth in the region to remain subdued in the near term,” Capital Economics analysts said in a note, referring to purchasing managers’ indexes data published on Thursday.

“With growth set to struggle and inflation below target in most countries, we think central banks in Asia will continue to loosen policy.”

Lower interest rates should spur more economic growth that would lead to higher fuel consumption.

Investors are eyeing further interest rate cuts by the Federal Reserve this year to support the US economy, while China’s President Xi Jinping has pledged more proactive policies to promote growth.

“As China’s economic trajectory is poised to play a pivotal role in 2025, hopes are pinned on government stimulus measures to drive increased consumption and bolster oil demand growth in the months ahead,” StoneX analyst Alex Hodes said.

The market also eyes upcoming crude prices from top oil exporter Saudi Arabia. Saudi Arabia may raise crude prices for Asian buyers in February for the first time in three months, tracking gains in Middle East benchmark prices last month, traders said.

In the US, the world’s biggest oil consumer, gasoline and distillate inventories jumped last week as refineries ramped up output, though fuel demand hit a two-year low.

Crude stockpiles fell less than expected, down 1.2 million barrels to 415.6 million barrels last week compared with analysts’ expectations for a 2.8-million-barrel draw.

Traders are paying close attention to recent weather forecasts as expectations of a cold snap in the US and Europe over the coming weeks could boost demand for diesel as a substitute for natural gas for heating.

Investors are also bracing for Trump’s presidency ahead of his Jan. 20 inauguration.

“Trump’s tariffs on China and their impact on global demand patterns will be central to oil prices in 2025,” said Priyanka Sachdeva, senior market analyst at Phillip Nova. 

Topics: Oil Updates  oil prices crude prices

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Saudi Arabia closes $2.5 billion Shariah-compliant credit facility for budget financing

Updated 02 January 2025
Nadin Hassan
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Saudi Arabia closes $2.5 billion Shariah-compliant credit facility for budget financing

Updated 02 January 2025
Nadin Hassan

RIYADH: The National Debt Management Center has announced the successful arrangement of a Shariah-compliant revolving credit facility valued at SR9.4 billion ($2.5 billion).

This three-year facility is intended to support the Kingdom’s general budgetary requirements and was secured with the participation of three regional and international financial institutions.

This credit arrangement is in line with Saudi Arabia’s medium-term public debt strategy. It aims to diversify funding sources to meet financing needs at competitive terms, while adhering to robust risk management frameworks and the approved annual borrowing plan.

In November, Saudi Arabia approved its state budget for the fiscal year 2025, with projected revenues of SR1.18 trillion and expenditures totaling SR1.28 trillion, resulting in a deficit of SR101 billion.

The Finance Ministry forecasts a robust 4.6 percent growth in the Kingdom's real gross domestic product for 2025, a significant increase from the 0.8 percent growth expected in 2024. This growth is anticipated to be driven by a rise in activities within the non-oil sector, according to the ministry’s statement.

Saudi Arabia’s total debt is projected to reach SR1.3 trillion in 2025, or 29.9 percent of GDP, which is considered a sustainable level to meet the country’s financing needs.

Revised projections for the 2024 budget indicate a deficit of SR115 billion, with total debt expected to rise to SR1.2 trillion, or 29.3 percent of GDP.

The 2025 budget places a strong emphasis on maintaining essential services for citizens and residents while increasing investment in key projects and sectors. The government's focus remains on preserving fiscal stability, ensuring long-term sustainability, and managing reserves effectively. By maintaining manageable debt levels, Saudi Arabia aims to safeguard its resilience against unforeseen economic challenges.

Topics: NDMC Credit facility Shariah-compliant

Closing Bell: Saudi Arabia’s TASI closes in green at 12,103

Updated 02 January 2025
NADIN HASSAN  
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Closing Bell: Saudi Arabia’s TASI closes in green at 12,103

  • MSCI Tadawul Index also increased by 2.55 points, or 0.17%, to close at 1,517.16
  • Parallel market Nomu gained 11.83 points, or 0.04%, to close at 31,005.69 points
Updated 02 January 2025
NADIN HASSAN  

RIYADH: Saudi Arabia’s Tadawul All Share Index concluded Thursday’s trading session at 12,102.55 points, marking an increase of 25.24 points, or 0.21 percent. 

The total trading turnover of the benchmark index was SR5.55 billion ($1.47 billion), as 99 of the listed stocks advanced, while 131 retreated. 

The MSCI Tadawul Index also increased by 2.55 points, or 0.17 percent, to close at 1,517.16. 

The Kingdom’s parallel market Nomu reported increases, gaining 11.83 points, or 0.04 percent, to close at 31,005.69 points. This comes as 39 of the listed stocks advanced while as many as 43 retreated. 

The index’s top performer, Tihama Advertising and Public Relations Co., saw a 9.91 percent increase in its share price to close at SR16.86.  

Other top performers included Zamil Industrial Investment Co., which saw an 8.01 percent increase to reach SR35.05, while Al Yamamah Steel Industries Co.’s share price rose by 5.42 percent to SR36. 

AYYAN Investment Co. also recorded a positive trajectory, with share prices rising 4.99 percent to reach SR16. Fawaz Abdulaziz Alhokair Co. witnessed positive gains, with 4.49 percent reaching SR14.44. 

Arabian Cement Co. was TASI’s weakest performer, with its share price falling 5.81 percent to SR14.88. 

Riyadh Cement Co. followed with a 5.45 percent drop to SR30.35. Yamama Cement Co. also saw a notable decline of 5.26 percent to settle at SR33.35.  

Umm Al-Qura Cement Co. dropped 3.55 percent to SR17.94, while Methanol Chemicals Co. declined 3.03 percent to SR17.94, ranking among the top five decliners. 

In the parallel market Nomu, View United Real Estate Development Co. was the top gainer, with its share price surging by 22.64 percent to SR9.10. 

Other top gainers in the parallel market included Mulkia Investment Co., up 8.25 percent to SR40, and Enma AlRawabi Co., rising 6.67 percent to SR23.68. 

Naas Petrol Factory Co. and Meyar Co. were the other top gainers on the parallel market. 

Al-Modawat Specialized Medical Co. saw the largest decline on Nomu, with its share price slipping 8.05 percent to SR16. 

Naseej for Technology Co. fell 7.14 percent to SR65, while Saudi Azm for Communication and Information Technology Co. dropped 6.18 percent to SR28.10, ranking among the notable decliners on Nomu. 

On the announcement front, Al-Jouf Agricultural Development Co. said it has entered into a SR200 million Shariah-compliant bank facilities agreement with Banque Saudi Fransi to finance the company’s expansion plans and operational activities. 

Its share price closed at SR64.50, reflecting a 1.2 percent gain. 

Saudi Basic Industries Corp., or SABIC, announced that its Saudi affiliates have received official notification of increased feedstock prices, which is expected to affect the company’s production costs. 

SABIC’s shares closed at SR67.30, marking a decline of 0.59 percent. 

Sahara International Petrochemical Co., also known as Sipchem, received a notice from Saudi Aramco amending certain feedstock prices, effective Jan. 1. The financial impact is expected to result in a 2 percent increase in the total cost of sales, starting in the first quarter of the 2025 fiscal year. 

Sipchem’s shares ended the day at SR24.66, down 2.43 percent. 

National Agricultural Development Co., or NADEC, received a notification regarding an adjustment in fuel prices for its operational activities. The financial impact is estimated to result in a 1.5 percent increase in operating costs, to be reflected starting in the first quarter of fiscal year 2025. 

This change is expected to moderately raise production costs. NADEC’s shares closed at SR24.52, marking a 1.55 percent increase. 

Topics: Saudi Arabia TASI Tadawul NOMU Closing Bell Saudi stock market Tadawul All Share Index (TASI) Saudi Stock Exchange (Tadawul)

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Saudi Arabia’s Ministry of National Guard achieves 100% localization of maintenance contracts

Updated 02 January 2025
NOUR EL-SHAERI   
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Saudi Arabia’s Ministry of National Guard achieves 100% localization of maintenance contracts

  • The milestone was celebrated at a signing ceremony for new localization contracts
  • Key accomplishments celebrated at the event included the development of a strategic implementation plan for sustainability localization
Updated 02 January 2025
NOUR EL-SHAERI   

RIYADH: Saudi Arabia’s Ministry of National Guard has increased local spending on maintenance, repairs, and operations for its ground systems from 1.6 percent to 100 percent over the past four years.

The milestone was celebrated at a signing ceremony for new localization contracts under the patronage of the Minister of National Guard, Prince Abdullah bin Bandar, with the participation of the General Authority for Military Industries. 

The initiative is part of a broader effort to achieve sustainable development within the Kingdom’s military industries, enhance local capabilities, and support Vision 2030 goals. 

The ministry has signed a series of contracts with local companies to improve the sustainability and efficiency of military systems. These agreements aim to strengthen military readiness, contribute to economic growth, and create job opportunities within Saudi Arabia.

These pacts include a sustainability contract for integrated weapons systems and heavy weaponry with SAMI Defense Systems Co., an electronic systems sustainment agreement with SAMI Advanced Electronics Co., and a vehicle sustainability deal with Alkhorayef Industries Co. 

In conjunction with these contracts, GAMI announced signing two industrial participation deals to enhance local content and build national industrial capabilities. 

The first agreement, signed with SAMI Defense Systems Co., focuses on the sustainability of integrated weapons and heavy weaponry, aiming to achieve over 60 percent industrial participation and create new employment opportunities for Saudi professionals. 

The second contract, signed with Alkhorayef Industries Co., pertains to the sustainability of military vehicles and aims to encourage investment in qualified industrial activities to strengthen the defense sector. 

The ministry highlighted the economic benefits of the localization program, including creating over 800 direct jobs and empowering national companies to take a central role in the Kingdom’s defense ecosystem. 

Key accomplishments celebrated at the event included the development of a strategic implementation plan for sustainability localization, the establishment of innovation laboratories for spare parts manufacturing, and progress in achieving over 60 percent industrial participation in contracts. 

These initiatives also contribute to enhancing local capabilities and fostering innovation within the Kingdom’s defense sector. 

The event was attended by several high-ranking officials, including Minister of Industry and Mineral Resources Bandar Alkhorayef, GAMI Governor Ahmed Al-Ohali, Governor of the General Authority for Defense Development Faleh Al-Suleiman, and President of the General Authority for Civil Aviation Abdulaziz Al-Duailej. 

Senior representatives from the companies awarded the contracts. Military and civilian officials from the Ministry of National Guard were also present. 

Topics: Saudi Ministry of National Guard localization Saudi Arabia

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