Saudi joins the big guns in defence spending
Saudi Arabia has overtaken Russia to become the third largest spender on military equipment.
According to the Stockholm International Peace Research Institute (SIPRI), which tracks arms expenditure around the world, global military spending reached almost $1.68 trillion in 2015, marking a year-on-year increase for the first time since 2011.
The USA and China hold the top two big guns followed by Saudi.
Since 2006, Saudi annual military spending has nearly doubled with much of the recent spending attributed to the Kingdom’s entanglement in the costly war in Yemen
“Military spending in 2015 presents contrasting trends,” said Sam Perlo-Freeman, Head of SIPRI’s military expenditure project, in a statement.
“On the one hand, spending trends reflect the escalating conflict and tension in many parts of the world; on the other hand, they show a clear break from the oil-fueled surge in military spending of the past decade. This volatile economic and political situation creates an uncertain picture for the years to come,” he added.