The growth in supplies was due to expanding demand from emerging economies for military aircraft and rising tensions in the Middle East and Asia Pacific, IHS, a provider of global market and economic information, said.
The United States remained the top defense exporter in 2014, ahead of Russia, France, Britain and Germany, a top-five ranking unchanged from 2013, IHS said in an annual defense trade report.
"Growth in Saudi Arabia has been dramatic and, based on previous orders, these numbers are not going to slow down,” an IHS statement quoted its senior defense analyst Ben Moores as saying.
Saudi imports rose 54 percent between 2013 and 2014, and based on planned deliveries imports will grow 52 percent to $9.8 billion in 2015, IHS said, without stating the 2014 sales. One out of every $7 spent on defense imports in 2015 will be spent by Saudi Arabia, it said.
Saudi Arabia and the United Arab Emirates (UAE) are part of a U.S.-led coalition involved in air strikes on Islamist militants who have carved out an Islamic State in Iraq and Syria. The militants have vowed to topple the governments of Western-allied countries in the Middle East.
“When we look at the likely export addressable opportunities at a global level for the defense industry, five of the 10 leading countries are from the Middle East,” Moores said.
“The Middle East is the biggest regional market and there are $110 billion in opportunities in the coming decade.”
The top five importers in 2014 were Saudi Arabia, India, China, the UAE and Taiwan. The 2013 rankings were India, Saudi Arabia, the UAE, Taiwan and China.
Saudi Arabia and UAE together imported $8.6 billion in defense systems in 2014, more than the imports of Western Europe combined, IHS said. The biggest beneficiary of the Middle Eastern market was the United States, with $8.4 billion worth of Middle Eastern exports in 2014 after $6 billion in 2013.
The IHS survey does not include munitions, small arms, homeland security or intelligence programs.
The author is working as Editor Digital Media for Daily Pakistan and can be reached @ItsSarfrazAli.
KARACHI - Following are the foreign currency exchange rates for US Dollar, Saudi Riyal, UK Pound Sterling, U.A.E. Dirham, European Euro, and other foreign currencies in Pakistan open market on March 23, 2023 (Thursday).
Source: Forex Association of Pakistan. (last update 09:00 AM)
|UK Pound Sterling||GBP||343.5||347|
|Hong Kong Dollar||HKD||35.92||36.27|
|New Zealand Dollar||NZD||176.66||178.66|
KARACHI – The price of a single tola of 24-karat gold in Pakistan is Rs 203,800 on Thursday. The price of 10 grams of 24k gold was recorded at Rs174,730.
Likewise, 10 grams of 22k gold were being traded for Rs163,624 while a single tola of 22-karat gold was being sold at Rs 190,880.
Note: The gold rate in Pakistan is fluctuating according to the international market so the price is never been fixed. The below rates are provided by local gold markets and Sarafa Markets of different cities.
|Lahore||PKR 203,800||PKR 2,350|
|Karachi||PKR 203,800||PKR 2,350|
|Islamabad||PKR 203,800||PKR 2,350|
|Peshawar||PKR 203,800||PKR 2,350|
|Quetta||PKR 203,800||PKR 2,350|
|Sialkot||PKR 203,800||PKR 2,350|
|Attock||PKR 203,800||PKR 2,350|
|Gujranwala||PKR 203,800||PKR 2,350|
|Jehlum||PKR 203,800||PKR 2,350|
|Multan||PKR 203,800||PKR 2,350|
|Bahawalpur||PKR 203,800||PKR 2,350|
|Gujrat||PKR 203,800||PKR 2,350|
|Nawabshah||PKR 203,800||PKR 2,350|
|Chakwal||PKR 203,800||PKR 2,350|
|Hyderabad||PKR 203,800||PKR 2,350|
|Nowshehra||PKR 203,800||PKR 2,350|
|Sargodha||PKR 203,800||PKR 2,350|
|Faisalabad||PKR 203,800||PKR 2,350|
|Mirpur||PKR 203,800||PKR 2,350|
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