An Iran nuclear deal could mean a new arms race in the Middle East—or improved relations between historic enemies, experts told CNBC.

“To some extent, [a Middle East arms race] is already happening. And it’s not just because of an Iranian nuclear program or a deal, it’s the threat perception—the perception that Iran is ascendant in the Middle East,” said Alireza Nader, senior international policy analyst at the Rand Corp.

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