Domestic and international defence companies will descend on Abu Dhabi on Monday for the Middle East’s largest defence expo, to showcase the latest in advanced technological products amid geopolitical threats, conflicts and rising tensions worldwide.
The International Defence Exhibition (Idex), and Naval Defence and Maritime Security Exhibition (Navdex), will take place in the UAE capital from February 17-21, with the biennial event's largest expo yet, organisers said.
More than 150,000 visitors are expected through the doors during the week-long event, where more than 1,565 exhibitors from around the world will be in attendance. Featuring 41 country pavilions across more than 180,000 square metres of exhibition space, Idex will gather decision-makers, industry leaders and top companies to explore the future of maritime defence and security.
“This edition will feature 41 national pavilions, with the UAE pavilion being the largest at 25,000 square metres, a 4 per cent increase from the previous edition. The number of national companies has reached 213, making up 16 per cent of exhibitors, while international companies constitute 84 per cent,“ Humaid Matar Al Dhaheri, managing director and group chief executive of Adnec Group, said.
Seven new countries, including Qatar, Ethiopia, Hungary, Latvia, Lithuania, Romania, and Cyprus are participating this year. Additionally, a dedicated platform, with participation from 38 companies across 13 countries, has been introduced to raise awareness of chemical, biological, radiological, nuclear, and explosive threats.
More than 3,300 products and technologies will be displayed at the event. The exhibitions will also host more than 156 start-ups, accounting for 10 per cent of total exhibitors.
Emirati defence conglomerate Edge, alongside major international companies such as Raytheon Technologies, Lockheed Martin, Boeing, Saab and Thales will be participating in this year's event.
“Idex is a key opportunity to engage with partners across the region and showcase how our advanced defence solutions can support the country’s security and aerospace ambitions,” said Kuljit Ghata-Aura, president of Boeing Middle East, Turkey, Africa, and Central Asia. “We look forward to ... further contributing to the growing domestic defence industrial base.”
Navdex will feature a display of naval fleets from countries such as the UAE, Bahrain, Oman, Pakistan, Greece, South Korea and India.
The event will feature the launch of several warships for the UAE Armed Forces, with the participation of 21 vessels from allied nations, including newly manufactured ships that highlight the advanced technology of the Emirati defence industry, organisers said.
The UAE and Saudi Arabia are developing their military production capabilities to reduce their reliance on foreign suppliers. The move is intended to diversify economies from oil, encourage domestic manufacturing and create more jobs. It will also boost sectors such as maintenance and repair operations where local capabilities exist.
The world's top arms producers have recorded a rise in revenue on the back of several wars and rising regional tension.
Revenue from the sales of arms and military services by the 100 largest companies in the industry reached $632 billion in 2023, an increase of 4.2 per cent on 2022, according to data by the Stockholm International Peace Research Institute (Sipri) released in December 2024.
"Arms revenue increases were seen in all regions, with particularly sharp rises among companies based in Russia and the Middle East," Sipri said in its report. "Overall, smaller producers were more efficient at responding to new demand linked to the wars in Gaza and Ukraine, growing tension in East Asia and rearmament programmes elsewhere."
Six of the top 100 arms companies were based in the Middle East, with their combined arms revenue growing by 18 per cent to $19.6 billion, the data showed.
"The biggest Middle Eastern arms producers in the Top 100 saw their arms revenue reach unprecedented heights in 2023 and the growth looks set to continue," said Diego Lopes da Silva, senior researcher with the Sipri Military Expenditure and Arms Production Programme.
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Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
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