According to a report by the National, the UAE and Saudi Arabia are developing their military production capabilities to reduce their reliance on foreign suppliers. The move is intended to diversify economies from oil, encourage domestic manufacturing and create more jobs.

Meanwhile, the world's top arms producers have recorded a significant rise in revenue on the backs of several conflicts and rising regional tension.

Revenue from the sales of arms and military services by the 100 largest companies in the industry reached $632 billion in 2023, an increase of 4.2 percent in 2022, according to a report released in December by the Stockholm International Peace Research Institute, or SIPRI.

"Arms revenue increases were seen in all regions, with particularly sharp rises among companies based in Russia and the Middle East," the report said.

Six of the top 100 arms companies were based in the Middle East, with their combined arms revenue growing by 18 percent to $19.6 billion, the data showed.

"The biggest Middle Eastern arms producers in the Top 100 saw their arms revenue reach unprecedented heights in 2023 and the growth looks set to continue," said Diego Lopes da Silva, senior researcher with the SIPRI Military Expenditure and Arms Production Programme.