Saudi Arabia to boost defence budget by 20 per cent

Saudi Arabia boosts its defence budget by 20 per cent over the next five years and is on a way to become the world’s fifth-largest military spender by 2020.

According to IHS Jane’s Aerospace, Defense & Security, Saudi defence spending will be $48.7 billion in 2015, a 2 per cent contraction over last year. It will rise slightly to $49.5 billion next year before jumping to $52 billion in 2017 and reaching $62 billion by 2020.

BY: SIMEON KERR, FINANCIAL TIMES

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