SAR 36.9M Defense Project Awarded to Anmat Technology

Anmat Technology for Trading Co. said Monday it received a project award from the Ministry of Defense valued at SAR 36.9 million ($9.8 million). The company disclosed the notification in a statement.

The contract covers execution of one of the ministry's projects, Anmat said. A signing is scheduled for July 18.

The award adds to Anmat's government contract backlog. Saudi Arabia has been increasing local defense spending under Vision 2030, creating more opportunities for domestic suppliers.

Anmat did not provide further details on the project's scope or timeline. The company's stock trades on the Saudi Stock Exchange.