Despite the heavy influence oil revenue plays for some Middle East countries, spending on defense remains positive, a review from IHS Inc. finds. IHS in its review of defense spending by Saudi Arabia, Qatar and United Arab Emirates finds upward momentum despite a weakened crude oil market. “Despite Saudi Arabia’s heavy exposure to oil price fluctuations, there have been very few signs of any severe reactionary adjustments to government spending trends,” Craig Caffrey, principal defense budget analyst at IHS Jane’s Aerospace, Defense and Security, said in a Tuesday statement. “The Kingdom has only cut defense and security expenditure once over the last 15 years.” IHS finds Saudi Arabia’s defense budget has accelerated to a rate of 19 percent a year since […]