News in Numbers

European Nato members will see their collective defence spending as a proportion of GDP rise to 2% in 2024 following years of increased budget commitments, focused recently by Russia’s war in Ukraine.

Russia’s economy is effectively on a war footing, with Moscow seeking to commit 30% of the country’s fiscal spending in 2024 to its military.

Analysis from GlobalData indicates that the UAE’s defence budget is projected to reach $30.7bn in the next five years, reflecting a compound annual growth rate of 4.1% between 2024-2029.  

Italy will sell two PPA patrol frigates of the same design operated by the Italian Navy to Indonesia in a deal worth €1.18bn, with the platform able to be fitted out in a range of configurations.

Thales has finalised the acquisition of cockpit and communication system provider Cobham Aerospace Communications, after beginning exclusive discussions in 2023 over a $1.1bn purchase.