26/02/2013 |

Gulf defence spending at $130bn

February 26, 2013 by IPB

“Gulf oil producers pumped nearly $130 billion into the military sector in 2012 as they pushed ahead with a drive to bolster their defences, according to Western data.

Some of them have also ordered Patriots and other ballistic missiles for self defence following an escalation in tension between Iran and the US-led Western alliance over Tehran’s nuclear programme and its threats to shut the strategic Hormuz Strait, through which nearly a fifth of the world’s oil supply passes.”   Read more…

Source: Emirates 24/7