Low oil prices are eating into defense spending in the Gulf region, one of the world’s largest arms markets, with budgets trimmed for the first time in a decade this year and deeper cuts expected in 2016, according to a report published on Thursday.

Overall spending fell to $81.6 billion in 2015 from $86.7 billion last year, London-based global intelligence firm IHS said, despite Gulf Arab military interventions in Yemen and Libya, arms supplies sent to Syrian rebels and air strikes against Islamic State in Syria.

Military spending dropped in Saudi Arabia, Kuwait, Bahrain, Qatar and the United Arab Emirates, while Oman spent only slightly more, IHS said in the report. […]