RIYADH – Saudi Arabia launches largest ever military industrial project ofit’s history to diversify its economy.

Saudi Arabia, one of the world’s top arms importers, says it has launched aprogram to license firms seeking to participate in its own militaryindustrial sector.

The General Authority for Military Industries (GAMI) announced on Sundaythe start of receiving license applications for firms to manufacturefirearms, ammunition, military explosives, military equipment, individualmilitary equipment, and military electronics in the kingdom.

GAMI Governor Ahmed al-Ohali described the move as a significant steptowards attracting domestic and foreign investment to the sector, state-runSaudi Press Agency (SPA) reported.

Saudi Arabia’s de facto ruler Crown Prince Mohammed bin Salman has alreadysaid he wants the kingdom to produce or assemble half of its militaryequipment locally.

The Stockholm International Peace Research Institute (SIPRI)linkreportedearlier this year that Saudi Arabia became the world’s top arms importerafter its arms imports in 2014-2018 increased by 192 percent, compared tothe preceding five years.

The United States is on the top of the list of weapons suppliers to thekingdom.