SUB-SAHARAN AFRICA: South Africa’s Steel Sector Opportunities Grow A recent report by ResearchAndMarkets.com posits that Israel’s defense expenditure as a percentage of its GDP is anticipated to increase to an average of 4.5% annually through 2024. The Israeli defense budget currently stands at ca. US$17.6 billion. Overall, Israel is projected to spend a total of US$68.5 billion on the acquisition of military hardware between 2020 and 2024. This will include investment in the physical security of critical infrastructure, land-based C4ISR systems, infrastructure construction, Armored Personnel Carriers (APC), Multirole Fighter Aircraft and Corvettes among others. As one of the largest defense markets in the Middle East, Israel allocated a gross budget of US$20.3 billion in 2019 and is likely to continue spending heavily on fortifying its defense and security apparatus.