IDEX: UAE signs deals worth nearly AED 5 billion on day one

@ADNECGroup/ Twitter

The UAE Armed Forces awarded AED 4.97 billion in contracts on the first day of the International Defence Exhibition and Conference (IDEX) in Abu Dhabi on Sunday.

As many as 33 deals were signed, with the bulk of them going to local companies.

The contracts included the purchase of missiles, radar systems as well as ammunition and accessories.

Organisers are expecting more deals worth billions of dirhams to be announced in the coming days.

More from Business

  • Dubai's GDP reaches AED 339b in first nine months of 2024

    Dubai's Gross Domestic Product (GDP) grew by 3.1 per cent in the first nine months of 2024, compared to the same period in 2023, reaching AED 339.4 billion.

  • DP World’s container handling hits record high in 2024

    DP World’s ports and terminals handled a record 88.3 million twenty-foot equivalent units (TEUs) in 2024, up 8.3 per cent year-on-year despite macroeconomic headwinds and concerns over the outlook for global trade.

  • TECOM reports AED1.2 billion net profit

    TECOM Group PJSC on Thursday announced a record AED2.4 billion in revenue, representing an 11 per cent year-on-year (YoY) increase, resulting in a 14 per cent YoY increase in net profit to AED1.2 billion for the financial year ending December 31, 2024 (FY 2024).

  • UAE launches ‘Green Intellectual Property’ roadmap

    The UAE Ministry of Economy launched a roadmap on Thursday for "Green Intellectual Property (IP)" designed to foster innovation, accelerate technology localisation, and develop new projects in the new economy, environmental sustainability, and circular economy.

  • Ex-UK PM Tony Blair to speak at WGS

    Former UK Prime Minister Tony Blair will join world leaders and leading figureheads from global organisations as part of an expanded World Governments Summit, set to take place in Dubai from February 11-13.