4 of 5 fastest-growing defense markets are in Mideast, report shows
Global defense spending is set to increase for the first time since 2009, particularly among countries in the Middle East, Asia and Russia, according to the IHS Jane’s Annual Defense Budgets Review, released on Monday.
“Russia, Asia and the Middle East will provide the impetus behind the growth in global military spending expected this year and will drive the recovery projected from 2016 onwards,” said Paul Burton, director of IHS Jane’s Aerospace, Defense and Security, in a statement.
The study found that four of the five fastest-growing defense markets last year were in the Middle East. Oman and Saudi Arabia have increased their military budgets by more than 30 percent in the last two years, while the latter's defense budget has tripled in 10 years, the review showed.
Iraq and Bahrain also featured in the top five growth markets for 2013.
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