Saudi Arabia overtook India in 2014 as the world’s top importer of defence equipment, according to a new study on defence spending by London-based defence specialists.
The report is published by analysts IHS Jane’s after examining the defence spending across 65 countries. According to the study, Saudi Arabia has spent more than $6.4 billion on defence in 2014, overtaking India on $5.57 billion.
Saudi Arabia’s massive military spending has been fuelled by “unparalleled demand from the emerging economies for military aircraft and an escalation of regional tensions in the Middle East and Asia Pacific,” IHS expert Ben Moores said.
Saudi Arabia has spent 54% more in 2014 on defence import than the previous year. The study also predicts that one out of every seven dollars spent on defence exports in 2015 will be spent by the Middle East kingdom.
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