The document discusses Saudi Arabia's large defense spending and procurement programs in light of declining oil prices and regional conflicts. Some key points: - Saudi Arabia spends over 10% of its GDP and $60 billion annually on defense, the largest in the Middle East. - Declining oil prices have led to budget deficits, but the new king is likely to continue prioritizing defense spending due to internal and external threats. - Saudi Arabia launched a military campaign in Yemen in 2015 and faces threats from extremism, while also seeking to modernize its forces through major procurement programs. - However, lower oil prices and management issues have introduced uncertainties around Saudi Arabia's future defense plans and procurement.