By Innovation-sa on January 24, 2019 in News
A report published by the US-Saudi Arabian Business Council (USSABC) that highlights new economic trends and opportunities in Saudi Arabia noted that the Saudi defense sector will experience strong growth in the next decade.
The report, titled “Defense, Security and Aerospace”, anticipates a contribution of SR231.27 billion by the defense sector to the Kingdom’s gross domestic product (GDP) by 2020 and generation of over 2.52 million private sector jobs in public administration and defense by 2028. The report also noted cyber-security as one of the Kingdom’s fastest growing segments in the sector.
Earlier this year, Saudi Arabia announced a military budget of SR191 billion, with defense and military accounting for 17.3 percent of the Kingdom’s total SR1.11 trillion spending plans.
Arab News – 21 January 2019