Advertisement
|21 February, 2019

UAE signs $5.5bln deals at Idex

UAE companies received 35% of the deals while 65% were awarded to foreign firms

Image used for illustrative purpose. Man signing contract.

Image used for illustrative purpose. Man signing contract.

Getty Images/ Witthaya Prasongsin

The UAE has awarded 104 defence contracts worth more than Dh20.35 billion to local and international companies over the five days of the International Defence Exhibition (Idex 2019) that ended on Thursday.

UAE companies received 35 per cent of the deals while 65 per cent were awarded to foreign firms to supply fire arms, provide training, and purchase other logistic supplies for the UAE Armed Forces.

On the last two days of Idex (Wednesday and Thursday), 43 deals worth Dh3.18 billion were signed with local and international companies, while the first three days saw the award of contracts worth more than Dh17 billion.

Advertisement

The biggest defence contract (Dh5.7 billion) was awarded to an American company, Raytheon. It will buy rocket launchers for the Patriot system of the UAE Air Force and Air Defence.

Another major deal - worth more than Dh2.4 billion - was awarded to UAE-based Al Jasoor Heavy Vehicle for ARMA to supply armoured vehicles to the Armed Forces. Other deals included a Dh1.3-billion contract awarded to Raytheon for patriot missiles; and a Dh1.2-billion contract signed with Australian company EOS Defence for the purchase of ground and naval systems.

Another deal worth Dh1.19 billion was awarded to American company Kaman Precision for the purchase of FMU-152 for the UAE Air Force.

Gen Mohammed Al Hassani, official spokesperson of Idex 2019, said on Thursday:

"All the contracts have been signed after a careful study by the UAE Armed Forces, and we are hopeful they will advance the nation's force into a more competitive one."

Around 124,000 visitors were received this year and about 70 per cent of the Idex 2021 stands and pavilions have already been booked, organisers said.

Staff Major-General Pilot Faris Khalaf Al Mazrouei, chairman of the Higher Organising Committee of Idex and Naval Defence (Navdex) 2019, said: "The biggest number of visitors received at this year's Idex and Navdex indicates the keenness of people across the world on getting knowledge about the latest equipment in defence and security, in addition to the new technologies.

"Idex and Navdex are among the most prominent and successful events organised in the UAE. Over the years, Idex has witnessed qualitative and quantitative increases in terms of space, number of visitors and exhibitors."

The five-day defence and naval exhibitions are the largest of its kind in the region and had attracted 1,310 local and international companies from defence, security, transport, communication and other fields.

 

Copyright © 2019 Khaleej Times. All Rights Reserved. Provided by SyndiGate Media Inc. (Syndigate.info).

Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.

More From Economy