Recently published research from Business Monitor International, "United Arab Emirates Defence & Security Report Q2 2013", is now available at Fast Market Research
Boston, MA -- (SBWIRE) -- 04/15/2013 -- The United Arab Emirates continues to scale up its defence equipment procurement and its own initiates to establish itself as a regional hub in terms of defence equipment manufacturing. A key focus for the sector in the country has been diversification - in terms of trying to procure defence equipment from a diverse range of markets (chief among them being the US, the UK, France and Italy), in terms of trying to export its own manufacturing to a wider audience (primarily currently other markets in the Middle East and North Africa region) and in terms of diversifying its military equipment base to improve its ability to cater to new regional threats (ie the emergence of the threats of terrorism and piracy, in addition to more traditional surveillance needs).
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We expect the UAE's defence spending to increase by a very significant 13.6% annually to AED157.9bn in 2017; this will reflect an increase of a total of 88.8% over our five-year forecast period. It will take defence spending per capita to AED18,209.
Notably, at a time when defence budgets in developed states are under pressure from fiscal constraints, we expect the share of national GDP accounted by the UAE's defence sector to continue climbing. It has risen from 5.1% in 2008, to stand at 6.0% in 2012. This is forecast to rise to 7.3% by the end of our 2017 forecast period.
The push to establish itself as a key regional defence hub and the ongoing modernisation of defence equipment, as the country seeks to enhance its technological capabilities, will be major drivers of defence expenditure growth. However, the country's ability to support this growth will be predicated on greater state investment and this will be informed by a robust economic growth outlook over our forecast period; we are forecasting average annual real GDP growth of 3.7% to 2017.
BMI's UAE Defence & Security Report examines the country's strategic position in the Middle East and the wider world. It provides an overview of the contemporary geopolitical challenges facing the country, and the challenges it may face in the future, especially in the context of tensions with Iran and of the Arab Spring.
In addition, the report examines the trends occurring in the country's current and future defence procurement, and the order of battle across its armed forces. The general conclusion is that the UAE will continue to invest heavily in defence procurement, spending more than all the other countries in the Gulf Cooperation Council with the exception of Saudi Arabia and so giving itself a capability edge over many of its neighbours in spite of the relatively modest size of its armed forces.
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