Defense spending in the Middle East will reach $100 billion in 2019, led by Saudi Arabia and the UAE, according to Jane’s by IHS Markit forecast.
Out of the top ten defense spending nations per capita, five are in the Middle East as are nine of the top 15 defense budgets per GDP.
On average, Middle Eastern countries spend 13 percent of their fiscal budgets on defense annually with Oman and Saudi Arabia spending close to 20 percent and 30 percent respectively.
In fact, Saudi Arabia’s 2019 defense budget is $51 billion, making it the third largest military spending nation in the world.
The UAE’s defense budget is growing at a 6.5 percent CAGR and accumulatively over the years to 2021, the country will spend $140.8 billion of which $53.1 billion will be on asset acquisition.
With the Dubai Airshow taking place November 17-21 at DWC, Dubai Airshow Site, the world’s leading defense companies will be displaying their latest innovations to an audience including show attendees and delegations from around the world.
Bob Harward, Middle East Chief Executive of Lockheed Martin, said, “The next generation of advanced materials, autonomous systems, human-machine collaboration and cyber-hardened platforms plus mission systems all have the potential to create critical solutions that shape our industry for decades to come.”
Saudi Arabian representation is growing in line with its market commitment with first time appearances from INTRA Defense Technology and Saudi Arabian Military Industries (SAMI).
Comments
{{DisplayName}}
{{ElapsedTime}}