Business | General
Arab states to invest over $23b in warships
Arab countries are set to spend more than $23 billion on warships to boost maritime security, market sources said as Qatar inaugurated its first-ever maritime defence exhibition on Monday.
- By Barbara Bibbo, Correspondent
- Published: 23:18 March 17, 2008
Doha: Arab countries are set to spend more than $23 billion on warships to boost maritime security, market sources said as Qatar inaugurated its first-ever maritime defence exhibition on Monday.
The naval market in the Middle East and North Africa (Mena) region has already witnessed a growth rate of 65 per cent over the past eight years, and is now ready to make record purchases of frigates, patrol vessels and submarines, market forecasts show.
"Several new players are entering the naval market in the region. Indicators for the next 20 years point to major growth in the market from various countries in the region," said Bob Nugent, a consultant at AMI International.
"Mena navies are growing into well-rounded fleets, with larger ships with more robust capabilities to undertake more missions."
Presenting a report on the latest market developments, Nugent said between 2000 and 2008 the naval market in Mena grew 65 per cent from $14 billion to $23 billion amid economic growth, increasing sea-borne trade as well as transnational threats and security concerns.
The trend will continue, experts say, and between 2008 and 2027 the region will acquire more than $14 billion in frigates, destroyers, cruisers, aircraft carriers and submarines.
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