UAE's Tawazun Council signed 11 deals worth $1.2 billion with local and international companies at the International Defense Exhibition (IDEX) and the Naval Defense Exhibition (NAVDEX) 2023.
Tawazun is an independent government entity that works closely with the Ministry of Defense and security agencies to maximize value through acquisition systems.
Spokesman of Tawazun Zayed al-Meraikhi said the Council signed a contract worth $582 million with Halcon, a subsidiary of Edge Group, to procure Thunder P3 system and a $21.2 million contract with Maplin Marine Systems & Services to provide vessels' technical support services.
It also signed a $12.2 million contract with Mohamed Abdulrahman Al-Bahar LLC to provide technical support services on caterpillar vehicles.
Another spokesman for the Council, Majed al-Jaberi, said that five international deals were signed during the first day of the two exhibitions, amounting to $598 million, including contracts with Indonesian, French, US, and German companies.
For his part, Saeed Al Mansoori, CEO of Capital Events, a subsidiary of ADNEC Group, said that this year's edition was the biggest since the inception of the exhibition three decades ago.
Mansoori indicated that 65 countries are participating in this year's edition, a ten percent over the previous years, with 41 national pavilions, with a growth rate of 17 percent compared to 2021.
The two exhibitions included the participation of more than 367 official international delegations, including nine new countries participating for the first time.
Meanwhile, Saudi General Authority for Military Industries (GAMI) launched the Kingdom's pavilion at IDEX in Abu Dhabi.
GAMI Governor Ahmed al-Ohali inaugurated the pavilion, which is expected to increase the authority's outreach.
Ohali confirmed that the Saudi participation is witnessing a qualitative involvement of partners in the sector, such as the Ministry of Interior, the Ministry of Investment, the World Defense Show, and various prominent companies and institutions operating in the military and security industries.
He explained that this participation represents a qualitative platform to develop the industry in the sector by creating partnerships, exchanging knowledge and expertise, and transferring technology.
The official said the defense and national security sectors are vital for Saudi Arabia, adding that the Kingdom aims to localize various industries that could boost the national economy.
Ohali added that the Kingdom's participation in the exhibition aims to support investors, facilitate their entry into the Saudi military and security industries market, and introduce promising investment opportunities.
The military industries sector system seeks to achieve the strategic goal of localizing more than 50 percent of the defense expenditure by 2030.
