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FINANCIAL NEWS
ME 2012 military spending grows 8.3%
15 Apr 2013
(MENAFN) The Stockholm International Peace Research Institute (SIPRI) stated that in 2012, the Middle East raised military spending by 8.3 percent, reported Arabian Business.
The institute said that the Middle East and North Africa were the only regions in the world in which the rate of military expenditure has surged between 2003-2012.
It attributed the increase to higher oil prices, tensions between the Gulf countries and Iran, and to some extent the effects of the Arab Spring.
Last year, Oman boosted spending by 51 percent, recording the biggest increase by any country, whereas Kuwait raised its expenditure by 10 percent.
In the mean time, Saudi Arabia’s spending grew by 12 percent, reaching around USD56.7 billion.
It is worth noting that global military spending in 2012 slipped by 0.5 percent to USD1.75 trillion.
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