At the opening of the World Defense Show 2024, Taurus, one of the world’s leading arms manufacturers, signed a memorandum of understanding (MoU) with the Saudi Ministry of Investment and the General Authority for Military Industries (GAMI) – responsible for regulating, enabling and licensing Saudi Arabia’s defense sector.
After opening a regional office in Saudi Arabia in 2022 and signing a Term Sheet to study the feasibility of setting up a joint venture in the Kingdom of Saudi Arabia with the company SCOPA MILITARY INDUSTRIES in December 2023, whose studies are well advanced, this is another important step for the Brazilian multinational in this important and strategic market.
“Taurus’ expansion plans in the Middle East and local production are part of the company’s strategic planning and are in line with the Ministry of Investment’s strategy of joining forces with renowned international companies to boost initiatives in Saudi Arabia, as the Kingdom seeks to diversify its economy under an ambitious program called Saudi Vision 2030,” says Salesio Nuhs, Global CEO of Taurus Armas S.A.
The Saudi Vision 2030 project aims for a comprehensive and ambitious position for the Kingdom of Saudi Arabia by the year 2030, with several strategic fronts to promote the economic and social development of the region, mainly in the area of Defense.
Saudi Arabia is on the list of the five largest military expenditures in the world and is considered one of the countries that invests the most in Defense. The region currently has the greatest interest in the transfer of weapons manufacturing technologies.