Heavy equipment auction sites are up 10% as demand surges as governments seek to buy more of the weapons they need to fight terrorism, the Guardian reports.
The increase is due to a spike in orders from buyers looking for weapons and equipment to help fight terrorist attacks, including drones, fighter jets and armoured vehicles.
More: The number of weapons bought at auction has more than doubled since 2015, according to the Government’s Defence Procurement Agency.
But the latest auction of military equipment by foreign buyers has come at a cost.
Auctioneers in Britain have been forced to shut down their operations, amid a sharp increase in sales to countries with no legal defence force.
There are also concerns that the government could be losing millions of pounds in revenue by not purchasing military equipment.
However, the Government has insisted that its new purchase of weapons and aircraft will help to defeat terrorism.
“We are building an armed forces that is capable of defending the country against all threats,” Defence Secretary Michael Fallon said.
This week, the UK Government will unveil the first weapons and ammunition supply contract, worth up to £5.7bn ($8.6bn), to be awarded to a new Saudi-led military coalition.
British defence secretary Michael Fallon, centre, and British ambassador to Saudi Arabia Sir Peter Gibson attend a press conference on weapons and defence equipment at the Foreign and Commonwealth Office in London, Britain, May 24, 2021.
Saudi Arabia has said it is keen to help the UK in the fight against terrorism, and will supply weapons, aircraft and intelligence equipment to support Britain’s operations.
Its new military coalition includes Saudi Arabia’s powerful regional rival Iran and other Sunni states.
Under the deal, the Saudi-backed coalition will be supplied with “a range of weapons”, including anti-aircraft missiles and surface-to-air missiles, as well as weapons to help them counter Iran’s air force.
The deal also includes £400m of UK military equipment to be used in the Middle East, according a government document seen by the Guardian.
Britain’s defence secretary, Michael Fallon (L), accompanied by his Saudi counterpart Prince Mohammed bin Salman (R), listen to a question during a news conference at the Ministry of Defence in London May 24.
The Saudis say they want to use the deal to help defend the Gulf states from a rise in regional threats from Iran, a country which is heavily reliant on oil revenues. “
It will provide an incredible amount of security for the UK, and we can’t wait to put it into practice.”
The Saudis say they want to use the deal to help defend the Gulf states from a rise in regional threats from Iran, a country which is heavily reliant on oil revenues.
In January, the Crown Prince, Mohammed bin Nayef, met with British defence chiefs to discuss how to counter a rising threat from Iran.
During the talks, the king asked the chiefs to develop strategies to defend Saudi Arabia from the “threat of Iran, Hezbollah, and Iran’s regional proxies”, according to a Saudi statement.
Some defence officials have expressed concern about the potential for a Saudi-funded Saudi air campaign to hit Iran’s nuclear facilities, which could lead to a major arms race.