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IDEX, NAVDEX Witness 11 Deals Worth $1.2 Bn

Saudi pavilion at the International Defense Exhibition (IDEX) in Abu Dhabi (Asharq Al-Awsat)
Saudi pavilion at the International Defense Exhibition (IDEX) in Abu Dhabi (Asharq Al-Awsat)
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IDEX, NAVDEX Witness 11 Deals Worth $1.2 Bn

Saudi pavilion at the International Defense Exhibition (IDEX) in Abu Dhabi (Asharq Al-Awsat)
Saudi pavilion at the International Defense Exhibition (IDEX) in Abu Dhabi (Asharq Al-Awsat)

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.

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Strong Rebound in Gulf Financial Markets Following Ceasefire Announcement

Investors in the Dubai Financial Market (Reuters)
Investors in the Dubai Financial Market (Reuters)
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Strong Rebound in Gulf Financial Markets Following Ceasefire Announcement

Investors in the Dubai Financial Market (Reuters)
Investors in the Dubai Financial Market (Reuters)

Gulf financial markets recorded significant gains on Tuesday, driven by improved investor sentiment following the announcement of a ceasefire agreement between Iran and Israel. The development eased geopolitical concerns that had weighed heavily on the region’s markets over the past two weeks.

US President Donald Trump announced a full ceasefire late Monday, potentially bringing an end to a 12-day war that had led to mass evacuations from Tehran and raised fears of further regional escalation.

Over the past two days, Gulf markets had already begun to show mixed but generally positive performance, recovering from consecutive losses since the conflict began.

Saudi Arabia’s main index, the Tadawul All Share Index (TASI), closed up 2.4%, reaching 10,964 points, marking its second consecutive day of gains. Trading volumes hit their highest levels of the year. Al Rajhi Bank led the rally with a 2.8% gain, while Aramco shares continued to decline by 2%, closing at SAR24.34, their lowest level in four years.

In the UAE, the Abu Dhabi Securities Exchange saw its largest daily gain since October 18, 2022, rising by 2.5%. Meanwhile, the Dubai Financial Market index jumped 3.4%, achieving its strongest daily performance since December 16. Kuwait’s Premier Market Index also rose by 2.4%, its best showing since April 8, and Qatar’s main index climbed 1.9%, its strongest daily performance since April 10.

Commenting on the rally, Mohammed Al-Farraj, Head of Asset Management at Arbah Capital, told Asharq Al-Awsat that the Gulf markets’ positive reaction was a natural response to the easing of geopolitical tensions after the Iran-Israel ceasefire. He noted that much of the rebound was driven by short-term investors and speculators seeking to benefit from the upward correction sparked by political relief.

Al-Farraj stressed that Saudi Arabia’s market has become more resilient and mature in the face of oil price volatility, thanks to its ongoing economic diversification under Vision 2030. He highlighted that non-oil revenues accounted for approximately 40% of total government income in 2024, an indicator of a positive structural shift in the Saudi economy. Sectors like tourism, logistics, and mining are increasingly contributing to the country’s GDP, enhancing the Saudi market’s long-term appeal for both domestic and international investors.

Regarding the broader region, Al-Farraj said that while Gulf markets remain closely tied to oil price movements - which affect government revenues and corporate profits - the Saudi market is advancing steadily toward reducing its oil dependency, boosting its ability to weather market fluctuations and enhancing its investment resilience.