New Defense market report from Business Monitor International: "United Arab Emirates Defence & Security Report Q2 2014"
Boston, MA -- (SBWIRE) -- 02/14/2014 -- BMI expects the UAE to set its defence budget at US$103.8bn for 2014, and to increase this further to US $158.1bn by 2018. These levels of spending have given the UAE one of the largest defence budgets in the world. The country is spending lavishly on defence to update equipment considered obsolete, and also to address security threats which exist in its locale.
At the strategic level, in mid-January 2013, the UAE and Iran announced that they had reached an agreement regarding the sovereignty of disputed islands in the Strait of Hormuz. This will see two of the three islands, Greater and Lesser Tunbs, being governed under UAE sovereignty (they are currently ruled by Iran), with the status of the third island, Abu Musa, still being negotiated.
As regards the country's defence industry, in November 2013, in conjunction with Raytheon, the country's Tawazun Precision Industries announced that it would shift production of its Talon laser-guided air-toground rocket kit which fits to existing Hydra 70mm rockets, to the UAE following the conclusion of an agreement with Tawazun signed at the Dubai air show. Meanwhile, during the same month the UAE revealed that it would make additional purchases of Nimr six-wheel drive armoured personnel carriers, and four-wheel drive multi-purpose vehicles, which could see a further 1,000 examples being delivered in addition to the 800 vehicles already ordered.
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