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Title : UAE Armed Forces Sign $1.3 Bn Worth of Deals On IDEX Day One
link : UAE Armed Forces Sign $1.3 Bn Worth of Deals On IDEX Day One

UAE Armed Forces Sign $1.3 Bn Worth of Deals On IDEX Day One

Raytheon of US and Eos of Australia among those awarded major contracts
Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces and Sheikh Mohamed bin Rashid, Vice-President, Prime Minister of the UAE, Ruler of Dubai and Minister of Defence, attend the opening ceremony of Idex. Mohamed Al Hammadi / Ministry of Presidential Affairs

The UAE Armed Forces awarded Dh4.97 billion in contracts on the first day of the International Defence Exhibition and Conference (Idex), with the lion’s share of deals going to international companies.

The Armed Forces, which signed 33 contracts in total, awarded international companies 15 contracts worth Dh3.87bn.

Raytheon of the US won a patriot missile defence system contract for the UAE air force valued at Dh1.3bn and Eos of Australia won a Dh1.16bn contract, General Mohammed Al Hassani, Idex spokesman said.

Local companies have won contracts worth Dh1.1bn, he added.

Among the local companies that won contracts are International Golden Group, which

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clinched two contracts with a total value of Dh342.3 million. Deena Shipping of the UAE also won a Dh99m deal. Other companies securing deals include Emirates Shooting Equipment, Bermuda, Knowledge Point and Emirates General Transport.

The UAE is developing an increasingly sophisticated defence industry in the Emirates, according to a report released on Friday. It has done so by heavily investing in local companies and strategic partnerships with multinational defence corporations, the study by the US-UAE Business Council said. (end of excerpt)

Click here for the full story, on The National website.

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