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FINANCIAL NEWS
Lockheed Martin looks to more THAAD sales in GCC
12 Apr 2012
(MENAFN) US defense firm Lockheed Martin said it hopes to sell more anti-missile interception systems in the Gulf region, as military buildup in the region triggered by growing tensions with Iran, Reuters reported.
Dennis Cavin, Lockheed Vice President for Army and Missile Defence Programmes, said that the company is negotiating with some Gulf states to promote its Theater High Altitude Area Defense (THAAD).
In December, the weapons maker sealed a USD3.6 billion deal to sell THAAD system to the UAE. The UAE deal followed a USD1.7 billion direct commercial contract to upgrade Saudi Arabia’s Patriot missiles and a sale of 209 advanced Patriot missiles to Kuwait, valued around USD900 million.
Cavin said all GCC countries have expressed an interest in the THAAD, which is the only system designed to destroy short- and intermediate-range ballistic missiles both inside and outside the earth’s atmosphere.
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