Middle East defense industry flexes its muscles with nine firms in SIPRI’s Top 100

Companies from Israel, the UAE and Turkey made an estimated $31 billion in arms revenue in 2024, according to a new report.

— In the latest sign of growing industrial defense capacity in the Middle East, the Stockholm International Peace Research Institute has listed a highest-ever nine regional firms in the list of Top 100 arms producers or military service providers.

The latest edition of the organization’s annual report, published on Monday, says the nine companies are spread between Turkey (five firms), Israel (three) and the United Arab Emirates (one) for a total of approximately $31 billion in revenue for 2024.

“In 2024 demand linked to conflicts, especially the wars in Gaza and Ukraine, continued to be a major driver of arms revenue growth for Middle Eastern companies,” according to SIPRI.

The top-ranked firm among the group, Israel’s Elbit Systems at 25th, pulled in $6.3 billion in arms sales in 2024, up from $5.5 billion the year before, SIRPI said. Together, the three Israeli firms marked a 16 percent increase in 2024 from 2023, worth a total of $16.2 billion.

“The increase can be attributed both to Israel’s ongoing military operations in Gaza and high global demand for Israeli military equipment such as advanced UAV and counterUAV capabilities,” according to the report. Israel Aerospace Industries made the list at 31st, and Rafael followed close behind at 34th.

Meanwhile UAE’s state-owned defense giant EDGE Group ranked 37 in SIPRI’s list, with $4.7 billion revenue in arms sales in 2024. (Though EDGE, a conglomerate of more than 20 smaller defense firms, is a significant regional player, SIPRI said it had previously been excluded from the Top 100 list “due to a lack of publicly available data.”)

The newly revealed figures come only days after the Emirati giant made a splash of unveilings at Dubai Airshow and announced its largest ever defense export arrangement with Indonesia worth an estimated $7 billion.

While Turkey is not new to SIPRI’s Top 100 list, this is the first year five firms have made the list. Arms revenues for Turkish companies in the Top 100 list totaled $10.1 billion in 2024 — an 11 percent increase from 2023.

Turkey’s Aselsan ranked 47th on the list with a dramatic 24 percent increase in arms revenue, reaching $3.5 billion in 2024. “The increase was mainly due to a 65 [percent] rise in exports in 2024,” according to the report.

Unmanned aircraft producer Baykar also had its fair share of exports, though saw a bit of a drop from previous highs spurred by drone sales to Ukraine in the wake of Russia’s 2022 invasion.

“About 95 [percent] of the company’s $1.9 billion in arms revenues in 2024 came from exports. After two years of fast-paced growth, largely driven by Ukraine’s exceptional demand for the Bayraktar TB-2 UAV in the early stages of its full-scale war with Russia, Baykar’s arms revenues fell by 12 [percent] in 2024,” SIPRI’s report stated.

Other Turkish firms in the Top 100 list are Turkish Aerospace Industries, ranking 65th, and Roketsan missile producer at 87th.

Beyond the Middle East, SIPRI said there’s been a global surge in revenues from 77 firms in the Top 100, as these firms plan for expanding their production capacity to follow the increased demand of their defense platforms.

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