Saudi Arabia Will Invest $20 Billion in its Military Over Next Decade
Saudi Arabia’s military industry governor said the country will invest more than $20 billion in its domestic military over the next decade. The investment is meant to lead to the domestic development and manufacture of weapons and military systems, Reuters reported. Saudi Arabia plans to spend some 50% of its military budget locally by 2030, according to the report.
Military research and development (R&D) spending is slated to increase from 0.2% to some 4% of military spending in the next 10 years, according to the report.
Saudi Arabia has had to boost military spending due to its fight on behalf of the officially recognized government of Yemen in its fight against the Houthis, who are funded by Iran, according to The Arab Weekly.