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FINANCIAL NEWS
UAE Armed Forces inks 19 USD1.33b worth of defense contracts
20 Feb 2013
(MENAFN) The UAE Armed Forces inked 19 defense deals valued at USD1.33 billion during the International Defense Exhibition and Conference (IDEX 2013) show, which is taking place in the Gulf country between February 17-21, reported Emirates 24/7.
Chairman of the organizing committee for the show, Major General Obaid Al Ketbi, said that the contracts were signed during a single day, with local and foreign firms.
Al Ketbi added that amongst the contracts signed, the UAE Armed Forces inked a USD517 million contract with the Advanced Military Maintenance Repair and Overhaul Center (AMMROC), which was the largest for the day.
He added that another USD225.63 million contract was signed with the UAE’s Caracal Light Ammunition, which will provide the UAE military with local-made ammunition of various types and calibers.
Furthermore, the Armed Forces signed a contract valued at USD117.77 million with US Raytheon to supply GBU12 and GBU58 bomb kits.
It is worth noting that the UAE military is likely to acquire precision-guided ammunition from Tawazun Dynamics, and 800 Nimr vehicles from Nimr Company, an affiliate of Abu Dhabi’s Tawazun Holding.
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