Riyadh: Kim Dong-kwan, vice chairman of South Korea's Hanwha Group, held discussions with Saudi Arabian minister Abdullah bin Bandar Al Saud to explore cooperation in the defense industry sector, Hanwha Group announced on Wednesday. The meeting highlighted potential collaborations aimed at meeting defense industry demands in the Middle East and bolstering Saudi Arabia's economic landscape.According to Yonhap News Agency, the discussions align with Saudi Arabia's "Vision 2030" initiative, which seeks to reduce the nation's dependency on imported defense products by producing 50 percent of its defense requirements locally. This initiative is part of a broader strategy to diversify the country's economy away from oil reliance and invest in new sectors.Hanwha Group stated its commitment to assisting Saudi Arabia in developing local capabilities for defense industry goods. This includes providing maintenance, repair, and overhaul services, essential for sustaining and growing the defense sector within the regi on.The Saudi minister expressed optimism about forming a strategic and enduring partnership with Hanwha. Both parties aim to establish a defense industry hub catering to the Middle Eastern and African markets, fostering regional economic development and security capabilities.
- October 12, 2026
