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Defense fair ends with 5.26 bln USD deals

Xinhua, February 24, 2017 Adjust font size:

The five-day biennial defense fair ended here Thursday with deals valued at 19.2 billion dirham (5.26 billion U.S. dollars), according to the official data.

The contract volume was realized through 90 disclosed deals, said the host country United Arab Emirates (UAE) Naval Staff Colonel Fahed Nasser Al-Thehli on the last day of the 13th edition of the International Defense Exhibition and Conference (IDEX), the biggest defense fair in the Middle East region.

Among the deals sealed on Thursday, the UAE Armed Forces signed three contract agreements with local defense producer Nimr (Arabic for tiger) Automotive for 1,750 armored vehicles.

Meanwhile, another eight deals worth 344 million dirham were signed by the UAE, five with domestic firms and three with global ones, one of them German-based IMS High-Tech to provide ammunition for the UAE Armed Forces.

The UAE did not release its defense budget, which global defense consultancy HIS Jane's estimated at "somewhere below 20 billion dollars per year," according to Tate Nurkin, Senior Director Strategic Assessments IHS Jane's.

This year's event attracted 1,235 firms from 57 countries, both over three percent higher from the previous edition, official data showed. Endit