Egypt’s defense spending will increase at an annual rate of 9.51 percent over the next five years to be valued at $8.5 billion in 2019, Business Monitor International said.In a new market research report seen by APA on Tuesday, Business Monitor International said during 2014 Egyptian military expenditure reached a value of $5.2 billion.

“The country’s increasing military expenditure is reflected in the ongoing modernization drive to counter threats of terrorism in the Sinai Peninsula, a strained relationship with Ethiopia, political turmoil following the recent democratic revolution and maritime security concerns over the Suez Canal,” the report said.

The country’s procurements are focused on military aircraft, helicopters, submarines, missile defense systems, surveillance equipment, small caliber and heavy ammunition, mortars, mines, grenades and other explosives, anti-tank missiles, rocket motors, radars and electronic equipment, smoke and pyrotechnic devices, rifles, pistols (Beretta licensed) and machine guns, tanks and artillery pieces according to the report. […]