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Sunday, December 26, 2010

Gulf focuses on military might

SIPRIThe eight nations of the Gulf region have among the highest military expenditures in the world as a percentage of GDP, driven by huge arms purchases to defend against regional instability and protect valuable oil and gas assets.

Between 2000 and 2008, Oman and Saudi Arabia spent more of their GDP on the military than any other country for which data are available, according to a new report by the Stockholm International Peace Research Institute (SIPRI).

During that time Oman spent as much as 12.5 per cent of annual GDP on defence, compared with the global average of 2.3 per cent and 2.5 per cent. Saudi Arabia, meanwhile, spent between 8 per cent and 11.5 per cent of GDP on its military, said the report.

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