UAE Signs $599 Mln in Defense Contracts

A general view of the 2023 International Defense Exhibition and Conference (IDEX), at Abu Dhabi National Exhibition Centre (ADNEC) in Abu Dhabi, United Arab Emirates, February 22, 2023. (UAE Presidential Court/Handout via Reuters)
A general view of the 2023 International Defense Exhibition and Conference (IDEX), at Abu Dhabi National Exhibition Centre (ADNEC) in Abu Dhabi, United Arab Emirates, February 22, 2023. (UAE Presidential Court/Handout via Reuters)
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UAE Signs $599 Mln in Defense Contracts

A general view of the 2023 International Defense Exhibition and Conference (IDEX), at Abu Dhabi National Exhibition Centre (ADNEC) in Abu Dhabi, United Arab Emirates, February 22, 2023. (UAE Presidential Court/Handout via Reuters)
A general view of the 2023 International Defense Exhibition and Conference (IDEX), at Abu Dhabi National Exhibition Centre (ADNEC) in Abu Dhabi, United Arab Emirates, February 22, 2023. (UAE Presidential Court/Handout via Reuters)

The United Arab Emirates signed defense deals worth 2.2 billion dirhams ($599.00 million) on Friday, the fifth day of the International Defense Exhibition (IDEX) military expo in Abu Dhabi, state news agency WAM said.

UAE contracts with local companies were worth 1.6 billion dirhams, while contracts with international firms totaled 653 million dirhams, WAM said on Friday.

The total number of contracts signed over the last five days reached 23.34 billion dirhams, WAM added.

GAL-AMMROC (Global Aerospace Logistics - Advanced Military Maintenance, Repair, and Overhaul Centre), one of the leading providers of integrated aviation services, signed a Memorandum of Understanding (MoU) with Rabdan Academy to cooperate on training, research, and development in the academic and training fields.

The MoU aims to enhance services in areas of safety, security, defense, emergency preparedness, and crisis management sectors.

The MoU was formalized at a signing ceremony at IDEX 2023 by Mahmood Al Hameli, GAL-AMMROC, Chief Executive Officer (CEO) and James Morse, President of Rabdan Academy.

Through this MoU, the two entities will cooperate in developing research skills, short-term projects, research, internships, conferences, training courses, workshops, share technical and consulting services and exchange knowledge in key areas of safety, security, defense, emergency preparedness, and crisis management sectors.

Mahmood Al Hameli, GAL-AMMROC CEO, said: “This is a strategic collaboration that we’re proud to be signing with Rabdan Academy, which will support the development of the aviation services sector, through talent development and research.”

“This also aligns with our commitment to support the vision of the UAE government to elevate the skill set and talent in key economic sectors such as security and defense.”

James Morse, President of Rabdan Academy, said: “This MoU will enhance the collaborative work in the common areas of interest between Rabdan Academy and GAL-AMMROC to enhance the type and level of training and relevant professional development opportunities as we exchange high-level experiences and undertake scientific research and development.”

“We look forward to working with GAL-AMMROC to achieve positive outcomes to this MoU,” he added.

Rabdan Academy provides government entities with national cadres specialized in defense, security, crisis management and business continuity through an elite group of faculty, the vast majority of whom have graduated from the global top 200 universities.

With GAL-AMMROC’s expertise in logistics, maintenance, repair and overhaul for both military and commercial aviation services, the company will be able to share its experience and expertise in these areas to support training, research and development for Rabdan Academy courses and professional development opportunities, while exploring new areas of cooperation as part of the MoU.

Rabdan Academy is a government-owned education institution. It offers a wide range of recognized high-level academic programs developed in the highest quality standards to enhance resilience of individuals and organizations in the safety, security, defense, emergency preparedness and crisis management domain.



Lebanon's Bonds Rally as Parliament Elects 1st President since 2022

Lebanese Parliament Speaker Nabih Berri shakes hands with Lebanon’s army chief Joseph Aoun after he is elected as the country’s president at the parliament building in Beirut, Lebanon, Jan. 9, 2025. Reuters/Mohamed Azakir
Lebanese Parliament Speaker Nabih Berri shakes hands with Lebanon’s army chief Joseph Aoun after he is elected as the country’s president at the parliament building in Beirut, Lebanon, Jan. 9, 2025. Reuters/Mohamed Azakir
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Lebanon's Bonds Rally as Parliament Elects 1st President since 2022

Lebanese Parliament Speaker Nabih Berri shakes hands with Lebanon’s army chief Joseph Aoun after he is elected as the country’s president at the parliament building in Beirut, Lebanon, Jan. 9, 2025. Reuters/Mohamed Azakir
Lebanese Parliament Speaker Nabih Berri shakes hands with Lebanon’s army chief Joseph Aoun after he is elected as the country’s president at the parliament building in Beirut, Lebanon, Jan. 9, 2025. Reuters/Mohamed Azakir

Lebanese government bonds extended their three-month-long rally on Thursday as the crisis-ravaged country's parliament voted in a new head of state for the first time since 2022.

Lebanese lawmakers elected army chief Joseph Aoun as president. It came after the failure of 12 previous attempts to pick a president and boosts hopes that Lebanon might finally be able to start addressing its dire economic woes.

The country's battered bonds have almost trebled in value since September, when the regional conflict with Israel weakened Lebanese armed group Hezbollah, long viewed as an obstacle to overcoming its political paralysis.

According to Reuters, most of Lebanon's international bonds, which have been in default since 2020, rallied after Aoun's victory was announced to stand 1.3 to 1.7 cents higher on the day and at just over 16 cents on the dollar.

They have risen almost every day since late December, although they remain some of the lowest-priced government bonds in the world, reflecting the scale of Lebanon's difficulties.

With its economy and financial system still reeling from a collapse in 2019, Lebanon is in dire need of international support to rebuild from the conflict, which the World Bank estimates to have cost the country $8.5 billion.

Hasnain Malik, an analyst at financial research firm Tellimer said Aoun's victory was "the first necessary step on a very long road to recovery".

Malik said Aoun now needs to appoint a prime minister and assemble a cabinet that can retain the support of parliament, resuscitate long-delayed reforms and help Lebanon secure international financial support.

The 61-year old Aoun fell short of the required support in Thursday's first round of parliamentary voting and only succeeded in a second round, reportedly after a meeting with Hezbollah and Amal party MPs.

"That presents significant ongoing risk to any new PM and cabinet, which need to maintain the confidence of a majority of parliament," Malik said.