(MENAFN- The Peninsula) Saudi Arabia overtook India in 2014 as the world's biggest importer of defence equipment, according to a study published yesterday by respected analysts IHS Jane's. Global defence trade currently stands at $64.4bn, said the report. The figure has been driven by "unparallelled 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.
The report, which examines the defence market across 65 countries, found that Saudi Arabia spent more than $6.4bn on defence kit in 2014, overtaking India on $5.57bn.
Saudi Arabian imports increased by 54 percent over the past year and the study predicts that one out of every $7 spent on defence exports in 2015 will be spent by the kingdom.
Saudi Arabia and the United Arab Emirates (UAE) together imported $8.6bn of defence equipment in 2014, more than the imports of Western Europe combined. The United States maintained its position as the top exporter, shipping $23.7bn of equipment, ahead of Russia on $10bn.
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