3D Systems (NYSE: DDD) announced that its Saudi Arabian joint venture, the National Additive Manufacturing and Innovation Company (NAMI), has received a Military Manufacturing License from the General Authority for Military Industries (GAMI) of Saudi Arabia.

NAMI is a joint venture between 3D Systems, Dussur (Saudi Arabian Industrial Investments Company), and Saudi Energy. The license authorizes NAMI to conduct regulated military manufacturing activities in the Kingdom.

The authorization is intended to support Saudi Arabia's Vision 2030 goal of localizing more than 50% of military spending by 2030. It also allows NAMI to collaborate with international defense original equipment manufacturers on the qualification and production of aerospace and defense components within Saudi Arabia.

NAMI operates across three sectors: military aerospace and defense, oil and gas, and energy generation and transmission. According to data from IMARC Group cited in the press release, Saudi Arabia's additive manufacturing market is currently valued at more than $300 million and is projected to reach nearly $2 billion by 2034.

"This license expands NAMI's addressable market and strengthens the foundation for long-term growth," said Eng. Mohammed Swaidan, CEO of NAMI. "It enables us to deploy our established manufacturing capabilities across regulated defense programs, expand the production of mission critical parts, and advance Saudi Arabia's position in advanced manufacturing."

Dr. Jeffrey Graves, President and CEO of 3D Systems, said the license "strengthens our ability to support leading defense OEMs as they pursue localization and supply-chain resilience in the Kingdom."