“50 percent of its military purchases toward local industries”

The world’s third largest military spender, Saudi Arabia, is to direct 50 percent of its military purchases toward local industries. According to Saudi Deputy Crown Prince and Minister of Defense Mohammed bin Salman Abdulaziz Al Saud, the kingdom will launch a government-owned military holding company by the first quarter of 2017 to oversee the development of the local military industry. In 2015, Saudi Arabia’s defense spending grew by 5.7 percent to $87.2 billion, making it the world’s third-largest spender, according to the Stockholm International Peace Research Institute, over taking Russia. “Does it make sense that we are the world’s forth largest military spenders in 2014 and third in 2015 and we do not even have a local military industry?” the 34-year-old prince said during his first televised interview on Al Arabiya television Monday, revealing the Saudi economic vision for 2030″.

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