The Saudi Arabian Military Industries’ revenue jumped from $20 million in 2020 to $605 million in 2021.
According to Defense News rating, the company has made it to the list of the 100 largest defense companies for the year 2022.
The rise in revenue and the company’s global ranking follow its acquisition of the Advanced Electronics Co. in December 2020.
In line with Vision 2030, the Saudi government has been consolidating companies within SAMI to achieve a 50 percent technology transfer target.
The firm has also attributed its growth to its weapons and missiles business, its emerging technologies division, in addition to its joint ventures including Saudi Aircraft Accessories and Components Co., Navantia and Thales.