(MENAFN) Saudi Arabia is set to increase its allocated budget for military spending by 25 percent over the upcoming five years, reaching a total of USD60 billion, Arabian Business reported.
The current allocation stands at USD49 billion and the increase will mark the Kingdom"s standing as the fifth-biggest military spending country in the world.
Official statements said that the fluctuation of oil prices is unlikely to affect the Kingdom"s adjustments and allocation procedures, and that Saudi is keen on the new sum.
"Despite Saudi Arabia"s heavy exposure to oil-price fluctuations there have been very few signs of any severe reactionary adjustments to government spending. Longer-term prospects remain strong," a defense budget analyst said.
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