LIG Nex1 to enter Saudi Arabia’s defense market

[THE INVESTOR] South Korean defense company LIG Nex1 plans to tap into Saudi Arabia in its broader expansion plan to the Middle East market.

According to a source on Aug. 18, the weapon-maker has received board members’ approval to set up an operation in Saudi Arabia, the world’s largest weapons importer in 2015.

This is the first time that the Korean firm establish a unit in the Middle East region. Currently, it has offices in the US, India, Indonesia and some Latin American countries.

The decision came as Saudi’s defense market shows robust growth. The country spent US$9.3 billion to buy weapons, up 50 percent from a year earlier.

By Park Han-na (hnpark@herladcorp.com)