UAE signs $5.5bn in military contracts

ABU DHABI: The UAE awarded 20 billion dirhams ($5.5 billion) worth of defense procurement contracts during a defense show this week, a military spokesman said.
The majority were awarded to international companies such as US firms Lockheed Martin and Raytheon, which sealed one of the biggest deals with 7 billion dirhams worth of contracts related to its Patriot missile air defense system.
Gulf Arab states, including the UAE and Saudi Arabia, have long been major buyers of US weapons but have beefed up military purchases in recent years from other countries. This week, the UAE awarded deals to firms from Russia, Turkey, Pakistan and South Africa at the five-day IDEX military exhibition.
Saudi Arabia signed agreements this week at IDEX to develop its domestic defense industry as the Kingdom, the world’s top oil exporter, seeks to diversify its economy away from oil. Saudi Arabian Military Industries (SAMI), the Kingdom’s state defense company, signed partnerships with France’s Naval Group, Spain’s Navantia, and Abu Dhabi state fund Mubadala.
SAMI, established in May 2017, seeks to localize 50 percent of military spending by 2030.