April 25, 2016 / 12:23 PM / 3 years ago

Saudi plans a military industries holding firm: top prince

RIYADH (Reuters) - Saudi Arabia plans to set up a holding company for military industries that would be fully owned by the government at first and listed later on the Saudi bourse, Deputy Crown Prince Mohammed bin Salman said on television on Monday.

“We are now about to establish a holding company for the military industries 100 percent owned by the government that will be listed later in the Saudi market,” Prince Mohammed told Al-Arabiya TV.

“We expect it to be launched by end of 2017 with more details.”

Reporting by Rania El Gamal and Angus McDowall

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