UAE signs $5.5bn in military contracts

Members of the United Arab Emirates’ armed forces take part in a military show launching the International Defense Exhibition and Conference (IDEX) in Abu Dhabi. (AFP)
Updated 22 February 2019
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UAE signs $5.5bn in military contracts

  • Gulf Arab states, including the UAE and Saudi Arabia, have long been major buyers of US weapons but have beefed up military purchases in recent years from other countries
  • The UAE awarded deals to firms from Russia, Turkey, Pakistan and South Africa at the five-day IDEX military exhibition

ABU DHABI: The UAE awarded 20 billion dirhams ($5.5 billion) worth of defense procurement contracts during a defense show this week, a military spokesman said.
The majority were awarded to international companies such as US firms Lockheed Martin and Raytheon, which sealed one of the biggest deals with 7 billion dirhams worth of contracts related to its Patriot missile air defense system.
Gulf Arab states, including the UAE and Saudi Arabia, have long been major buyers of US weapons but have beefed up military purchases in recent years from other countries. This week, the UAE awarded deals to firms from Russia, Turkey, Pakistan and South Africa at the five-day IDEX military exhibition.
Saudi Arabia signed agreements this week at IDEX to develop its domestic defense industry as the Kingdom, the world’s top oil exporter, seeks to diversify its economy away from oil. Saudi Arabian Military Industries (SAMI), the Kingdom’s state defense company, signed partnerships with France’s Naval Group, Spain’s Navantia, and Abu Dhabi state fund Mubadala.
SAMI, established in May 2017, seeks to localize 50 percent of military spending by 2030.


Apple’s Cook to China: keep opening for sake of global economy

Updated 23 March 2019
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Apple’s Cook to China: keep opening for sake of global economy

  • Cook’s comments come as Apple weathers sinking sales in China
  • Despite official pledges and repeated assurances that China would continue to open its markets

BEIJING: Apple chief executive Tim Cook nudged China on Saturday to open up and said the future would depend on global collaboration, as the United States and China remained locked in a bitter trade dispute.
“We encourage China to continue to open up, we see that as essential, not only for China to reach its full potential, but for the global economy to thrive,” Cook said at a China Development Forum in Beijing.
Despite official pledges and repeated assurances that China would continue to open its markets, some analysts worry that its reform project has slowed or even stalled under President Xi Jinping, who has sought greater control over the economy and a bigger role for state-owned firms at the expense of the private sector.
Cook’s comments come as Apple weathers sinking sales in China because of a contracting smartphone market, increasing pressure from Chinese rivals, and slowing upgrade cycles. The company reported a revenue drop of 26 percent in the greater China region during the quarter ending in December.
Before those results came out, in a January letter to investors, Cook blamed the company’s poor China performance on trade tension between the United States and China, suggesting that pressure on the economy was hurting sales in China.