Saudi's head of Military Industries Corporation, Mohamed al-Mady, attends a panel discussion during the ASBAR World Forum, on December 8, 2016, in the capital Riyadh. / AFP / FAYEZ NURELDINE
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Saudi Arabia is striving to develop a homegrown defense industry but cutting reliance on foreign equipment will take years, the head of a major military development firm said Thursday.The kingdom is the world's third-biggest defense spender, but only two percent of that outlay is local.The Saudi defense industry currently consists of just seven companies and two research and development centers.Saudi Arabia has traditionally bought its arms from the United States, Britain and France.
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