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Global arms firms eye bigger share in Mideast defense market

Xinhua, February 23, 2015 Adjust font size:

Defense companies at the International Defense and Security Exhibition (IDEX) in Abu Dhabi of the United Arab Emirates (UAE) said Monday that they are optimistic to gain a growing market share in the Middle East and North Africa (MENA) region.

Alberto Gutierrez, CEO of Eurofighter, presented the press an upgraded missile system called phase 3 for the Eurofighter Typhoon aircraft. The 200 million euros (about 226 million U.S. dollars) worth upgrade will equip the Eurofighter with advanced multiple precision-guided air-to-surface weapons.

Gutierrez expressed optimism that there is a bigger market for the aircraft in the MENA region in the near future.

Germany's Krauss-Maffei Wegmann is displaying at the IDEX its flagship main battle tank Leopard 2 model, which it recently upgraded to the A7 version, of which 20 pieces went to the German army in December 2014. Qatar is one of several foreign countries having ordered the "Leo" 2 A6 tank.

Competition is fierce among global arms producers on the MENA market, which has a rising appetite for advanced weapons systems. According to the Stockholm International Peace Research Institute, countries in the region are expected to spend 920 billion dollars between 2014 and 2020 on arms acquisition.

Earlier in the day, South Africa's Paramount Group and Jordan's state-owned defense company, King Abdullah II Design and Development Bureau, signed a contract for the production of the 6x6 Mbombe infantry combat vehicle.

The two sides did not reveal the exact value of the deal, which they said was a multi-million contract.

A total of 1,200 global and regional firms from 55 countries and regions participate in this year's five-day IDEX, which started on Sunday. Endit