Home- Stories -IDEX: Deals Worth US$1.36 Billion Signed on Opening Day

IDEX: Deals Worth US$1.36 Billion Signed on Opening Day

Kontrak Jay Menon - : Feb 22, 2021 - : 6:00 am

The United Arab Emirates armed forces signed defence contracts worth AED5.03 billion (US$1.36 billion) on the opening day of IDEX and NAVDEX 2021.

“Local contracts accounted for 78 per cent of total deals, compared to 22 per cent for foreign companies,” said official spokespersons Brigadier General Mohammad Khamis Al-Hassani, Brigadier General P.S.C Fahad Nasser Al-Dhahli, and Lt. Col. Maya Rashid Al Mazrouei.

The armed forces, which signed a total of 19 contracts, awarded international companies seven contracts worth AED1.1 billion, while local companies won deals worth AED3.9 billion.

Calidus, which clinched deals worth AED1.69 billion, led the local companies. Military vehicle manufacturer Nimr was awarded a AED230 million deal while Ammroc bagged a AED176 million contract. International Golden Group and the Al Masaood company were the oher UAE-based companies who signed deals.

US-based Insitu, a Boeing subsidiary, won a contract valued at AED405 million to supply unmanned vehicles. German defence company Rheinmetall won a AED57.42 million deal and France’s Thales clinched a UAE350.6 million contract.

“It is a good amount to start for a first day. There is a good mix of local and international companies in the contracts,” Brig Gen Al Hassani said.

More than 900 companies are participating  in IDEX and NAVDEX, which opened today in Abu Dhabi.

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