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This paper argues spiral arms race in the Middle East and North Africa (MENA) is spurious and highly unlikely to lead to further stability.  There is substantial evidence to suggest that the threat of arms race and the so-called “proliferation cascade” is a bogus excuse to thwart Iran’s nuclear deal with the “P5+1” group.  Our central argument is that the notion that arms race intensifies regional rivalries may seem reasonable on its face, but it fails to match reality. Arguably, an arms race does not currently exist between Saudi Arabia and Iran. The situation can be more accurately described as a one-sided arms buildup where Saudi Arabia has out-spent Iran by colossal amounts while Iran has worked to compete with Saudi Arabia without a corresponding increase in military spending. While it is possible in theory that improved efficiency in the procurement of arms could result in real military capability gains—often disguised by stable military expenditure—there isn’t ample evidence to support the idea that this is indeed the case.