Business | General
UAE buys Patriot missiles
The United Arab Emirates is the first Middle East customer to buy Lockheed Martin Corp's Patriot Advanced Capability-3 (PAC-3) missile programme, the company said on Tuesday.
- Reuters
- Published: 23:29 December 24, 2008
Washington: The United Arab Emirates is the first Middle East customer to buy Lockheed Martin Corp's Patriot Advanced Capability-3 (PAC-3) missile programme, the company said on Tuesday.
Lockheed said it expects "in excess of $1.8 billion" in PAC-3 business over the life of the initial UAE programme.
The UAE purchase is part of a $774 million Pentagon contract, in which Lockheed will supply PAC-3 missiles to the US Army as well as the first sale to the UAE. Deliveries are to be completed by July 2011.
Other foreign buyers of the PAC-3 missile system, which is designed to destroy enemy missiles by colliding with them, include Germany, Japan and the Netherlands, the company said.
The new contract includes production of 172 PAC-3 missiles, 42 launcher modification kits and other equipment, Lockheed said.
More from Business General
More from Business
Business Editor's choice
-
DFSA chief to step down in September
Executive has been at post since 2008
-
Geepas idea blossomed in Dubai
The journey led from a small shop in Bahrain to a $1.27b company in the UAE
