16% Surge in Saudi Arabia’s Military Spending: Allocation Insights.
Saudi Arabia’s Military Spending expenditure has reached 75 billion dollars. which is 16 percent more than a year ago.
According to the Stockholm International Peace Research Institute’s report. on global has overtaken Britain, Germany. And France to become the fifth-largest military spending country in the world.
In 2022, Saudi Arabia’s military spending reached $75 billion. a 16 percent increase from a year ago. when it ranked eighth in global military spending. more of its GDP on defense than any other country except Ukraine. with a 704 percent increase.
Saudi Arabia’s military expenditure also has significant economic implications. The Kingdom has been actively pursuing economic diversification through its Vision 2030 program, aimed at reducing dependence on oil revenues. The defense sector presents an opportunity for job creation and the development of a domestic defense industry. Increased military spending can stimulate the growth of local defense manufacturing, research and development, and high-skilled job opportunities for Saudi citizens.