UAE signs military deals for $5 billion during IDEX 2015

The UAE Armed Forces signed military deals worth 18.328 billion dirhams ($5 billion) during the five-day International Defence Exhibition (IDEX) held in the capital Abu Dhabi this week, said the exhibition’s spokesperson.

In a press conference held on Thursday to mark the closing of IDEX 2015, Major General Obaid Al Ketbi said that these deals included the purchase of defence equipment, aircraft, naval vessels and maintenance equipment.

The IDEX spokesman explained that this figure exceeds that achieved during the last exhibition in 2013, which stood at 14.1 billion dirhams.

The International Defence Exhibition is held once every two years and is considered the largest of its kind in the world.

Ketbi also noted that the total deals finalised on the sidelines of IDEX’s last day reached 2.359 billion dirhams ($642 million).

IDEX 2015 was attended by a record number of international companies operating in the field of defence and military industries. Around 1,200 companies from 55 countries were present, representing the strength of international business competition in the growing market of the Middle East.

The IHS Jane Institute has predicted that military spending in the Middle East and North Africa this year will reach $150 billion, compared to $148 billion last year and $136 billion in 2013.