Saudi Arabia’s military spending was set out during the second day of the World Defense Show, being held in Riyadh. The chairman of Saudi Arabian Military Industries, or SAMI, revealed in a speech to the event the firm acquired more than SR10 billion in business and deals last year, and $6 billion this year so far. Over 590 global companies representing 42 countries are participating in the show. A number of national government agencies in the defense, military and security sectors are also among those taking part. Highlights The General Authority for Military Industries has partnered with Lockheed Martin on two projects, as part of the localization of the Terminal High Altitude Area Defense Weapon System program. The first project is for localizing the manufacture of missile interceptor launchers, while the second is for producing the missile interceptor canisters locally, the authority said in a statement. American aircraft manufacturer Boeing plans to expand its workforce in Saudi Arabia in line with the government’s vision to have 50 percent of its military equipment needs met locally by 2030. Ted Colbert, executive vice president of The Boeing Co. set out the plans in an interview with Arab News. Faleh Al-Sulaiman, Governor of the General Authority for Defense Development said the authority will be playing its role to increase the 50 percent set target of localizing defense technology to a higher figure. “We’re assembling an extensive startegy to deal with that, currently in the making,” he said. “Modern warfare has become a game of emerging technology,” said Dr. Munir Aldesouki, President of King Abdulaziz University for Science and Technology. He added that top scientists and researchers from all over the world are frequenting KACST to train, teach and further the research center’s work in driving innovation ecosystem. For his part, Charles Woodburn, CEO of BAE Systems said: “The progress has been so rapid in the Kingdom, it’s been one of the hottest innovation ecosystems I’ve ever seen.” Saudi Arabia’s “river of youth” is key to achieving the Kingdom"s Vision 2030, Ahmed Abdulaziz Al-Ohali, governor of the General Authority for Military Industries, told the event.