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PIF-backed Sami aims to earn $5bn in annual revenue by 2025, CEO says

Saudi Arabian Military Industries aims to generate $5 billion in annual sales by 2025 as it looks to become one of the top 25 defence companies worldwide.

The state-run company expects to win new contracts in the kingdom, establish strategic partnerships with top industry players and acquire more local targets, chief executive Walid Abukhaled told The National on the sidelines of Idex 2021 on Sunday.

Saudi Arabia’s sovereign wealth fund, the Public Investment Fund, created Sami in 2017 to help reduce the kingdom’s reliance on foreign arms.

As part of the country’s Vision 2030 plan for economic diversification, Sami’s mandate is…

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