INSEAD Day 4 - 728x90

Borouge okays $656m dividend

The company said dividend reflects its resilience

DEWA posts record H1 profit

Revenue reaches record $4.04 billion.

Tabreed H1 revenue $308m

Blurb: Profit reaches $52 million in H1

ADNOC L&S to expand fleet

It will acquire 11 carriers for $1.3bn.

Empower profit climbs 16%

Dubai district cooling demand lifts earnings

Saudi, Lockheed Martin in missile defence deal

Saudi Arabia announced a deal Monday with US firm Lockheed Martin to manufacture elements of the missile defences of the Gulf state.
  • Saudi Arabia has signed defence deal with the US firm as the kingdom aims to manufacture 50 percent of its defence needs by 2030
  • In 2019 when KSA was in conflict with Iran, US had deployed THAAD and Patriot defence systems in Saudi Arabia

Saudi Arabia announced a deal Monday with US firm Lockheed Martin to manufacture elements of the missile defences of the Gulf state, the target of frequent cross-border attacks by rebels in Yemen.

Its military industries authority, cited by state news agency SPA, approved two projects to produce launchers and other equipment used in the THAAD anti-missile defence system.

The announcement, which did not disclose the value of the deal, comes on the sidelines of an international arms show which opened Sunday in the Saudi capital.

The United States, the oil-rich kingdom’s top ally, deployed THAAD and Patriot defence systems in Saudi Arabia in October 2019 at a time of heightened tensions with Riyadh’s regional rival Tehran.

According to the US military, the system intercepted an air strike in January by Yemen’s Iran-backed Huthi rebels on the United Arab Emirates.

The UAE is part of a Saudi-led military coalition fighting the Huthi rebels.

According to the coalition, more than 850 explosive-laden drones and 400 ballistic missile attacks have killed 59 civilians in Saudi Arabia over the past seven years.

Saudi Arabia has set itself the target of manufacturing 50 percent of its defence needs by 2030, from an officially recorded level of 11.7 percent at the end of 2021.