Dubai Airshow 2017: GCC sets out vision for indigenous defence industries
The relationship between the Gulf states and the western defence companies that have traditionally provided the region with its military capabilities is changing.
Sustained low oil prices have resulted in growing budget deficits in oil-rich Gulf countries such as Saudi Arabia and Oman, incentivising the diversification of their economies away from a reliance on the oil and gas industry and western imports.
According to the IMF’s regional outlook report, released on 1 November this year, the average Gulf nation deficit has risen from 1.1% of GDP in 2014 to over 10% in 2016.
With oil prices forecast to remain at
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