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)
TT

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.



Gold Eyes Best Quarter in over Eight Years

A participant shows gold bars during the 21st edition of the international gold and jewelry exhibition at the Kuwait International Fairgrounds in Kuwait City on May 23, 2024. (Photo by Yasser AL ZAYYAT / AFP)
A participant shows gold bars during the 21st edition of the international gold and jewelry exhibition at the Kuwait International Fairgrounds in Kuwait City on May 23, 2024. (Photo by Yasser AL ZAYYAT / AFP)
TT

Gold Eyes Best Quarter in over Eight Years

A participant shows gold bars during the 21st edition of the international gold and jewelry exhibition at the Kuwait International Fairgrounds in Kuwait City on May 23, 2024. (Photo by Yasser AL ZAYYAT / AFP)
A participant shows gold bars during the 21st edition of the international gold and jewelry exhibition at the Kuwait International Fairgrounds in Kuwait City on May 23, 2024. (Photo by Yasser AL ZAYYAT / AFP)

Gold halted its record run on Friday but remained on track for its best quarter since 2016 after a rally catalysed by an outsized US Federal Reserve interest rate cut, while markets braced themselves for a crucial inflation report due later in the day.

Spot gold was down 0.1% at $2,666.50 per ounce as of 1115 GMT, below the all-time peak of $2,685.42 hit in the previous session. It is heading for its best quarter since the first three months of 2016.

US gold futures fell 0.2% to $2,688.90, Reuters reported.

"The market at this point in time has priced in all the good news and there's also some hesitancy from fresh buyers to get involved at these record high levels," said Ole Hansen, head of commodity strategy at Saxo Bank.

Bullion has risen 29% so far this year, hitting successive record peaks after last week's half-percentage-point cut by the Federal Reserve and the stimulus measures announced by China earlier this week.

Silver prices surged, tracking bullion's strong performance, though some analysts warn that the rally may fade.

"Overall, industrial demand is still supportive for silver. But we need to have a stronger economic performance in China as well as in other developed countries," said ANZ commodity strategist Soni Kumari.

The surge in silver prices is more a spillover impact from gold, Kumari said.

Spot silver eased 0.1% to $31.98 per ounce, after hitting its highest since December 2012 at $32.71 on Thursday. It is set for a third straight week of gains.

"I do believe silver will continue to outperform gold. But as we all know, wherever gold goes, silver tends to go, but faster," Hansen added.

Both gold and silver serve as safe-haven investments, but the latter has more industrial applications, so tends to underperform during recessions and outperform when economies expand.

Inflows into gold exchange-traded funds, particularly from Western investors, are set to rise in coming months, adding yet more positive stimulus for already record high bullion prices. Some banks expect gold to rise towards $3,000.

In other metals, platinum was up 0.5% at $1,012.40 but palladium fell nearly 1.5% to $1,031.75.