Growing Modernisation and Industrialisation Behind Hike in Gulf Defence Spending, Says Jane’s by IHS Markit
IHS Markit Ltd. Common Shares (INFO)
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Source: Business Wire
Spending in the region to hit USD103 billion in 2019 and continue upwards to USD110 billion in 2023, up from USD82 billion in 2013 LONDON--(BUSINESS WIRE)-- Defence budgets in the Middle East are increasing as countries pursue the modernisation of military equipment and expansion of their current capabilities, says Jane’s by IHS Markit (Nasdaq: INFO), a world leader in critical information, analytics and solutions. Jane’s notes that defence expenditure across the Gulf has increased from USD82.33 billion in 2013 to USD103.01 billion in 2019. This figure is forecast to continue trending upwards to USD110.86 billion in 2023. “Falling energy revenues between 2014 and 2016 led to some major procurement projects being delayed as government’s reigned in budget deficits,” said Charles Forrester, senior defence industry analyst at Jane’s by IHS Markit. “However, defence was generally protected from the
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