NEW YORK, Dec. 17, 2015 /PRNewswire/ -- Tackling Obsolescence and Future Industrial Developments
Declining oil prices, regional threats, and changes in political intent are drawing new trends and perspectives across the Gulf Co-operation Council (GCC) countries. This private market insight assesses future military spending, new equipment requirements, and best-positioned local companies in the Middle-Eastern countries of Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates. Among the main perspectives, renewing wisely ageing equipment and nurturing the local industrial base are the most noticeable. The study includes specific country breakdowns, discussing their military spending forecasts and an overview of their local competitors.
- Military spending in the Arabian peninsula is expected to grow at a CAGR of % between 2015 and 2025, principally driven by Saudi Arabia, Qatar, and the United Arab Emirates (UAE).
o Reaching $ Billion, Saudi Arabia's military spending is projected to increase by $ Billion between 2015 and 2025.
o Military expenditure in Qatar will witness the highest increase in terms of growth rate, with a CAGR of %, with military spending increasing by $ Billion for 2015–2025.
- Regional instability and modernisation programmes are the main drivers explaining the steep growth, while oil price volatility and current deployments are putting on hold certain modernisation programmes.
- Regional arm race is particularly noticeable in this region as most of the countries are not only replacing their ageing assets but also increasing their fleet size, as spotted in Qatar: fighter jets ordered against installed units as of 2014.
- Other countries, such as Bahrain and Kuwait, have shown a more cautious approach in new procurements, with no dramatic increase expected.
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