Halcon, an end-to-end manufacturer of precision-guided munitions, secured a Dh3.2 billion ($880 million) contract from the UAE Armed Forces for its Thunder and Desert Sting range of precision-guided munitions.
The order received by Halcon, a unit of UAE defence conglomerate Edge, is among the largest issued by the UAE Armed Forces, the company said in a statement on Monday.
“This is a significant contract on a global scale for this type of weapons system. It is with a great sense of responsibility for having been entrusted with this undertaking that we move ahead in confidence that the performance of our systems will fully justify the UAE Armed Forces’ trust in us,” Saeed Al Mansoori, chief executive of Halcon, said.
The order comes a day after another unit of Edge, GAL, an aircraft maintenance, repair and overhaul service (MRO) provider, secured a Dh11bn contract from the UAE Air Force and Air Defence (Afad), marking the biggest defence deal on the first day of the Dubai Airshow.
Military and civil contracts worth billions of dollars are expected to be finalised at the Dubai Airshow taking place this week. This year's civil and military exhibition – a major display of products from jumbo jets to military drones – is the first major in-person global aerospace exhibition in two years since the aviation industry was hit by Covid-19, considered the worst crisis in its history.
Halcon plans to manufacture the newly developed Desert Sting warheads at Tawazun Industrial Park in Abu Dhabi, it said.
The Desert Sting is a lightweight, guided weapon with a custom-designed warhead that operates with a Halcon-designed stores interface unit (SIU) and can be deployed on multiple weapon racks on aircraft and unmanned aerial vehicles.
The Thunder range consists of different variants of aerial munitions (distinguished by weight and warhead size) all based on the same technology building blocks.
The contract confirms the “combat proven capabilities of Halcon’s family of guided weapons, having achieved the rigorous requirements demanded from the UAE Armed Forces”, the statement said.
Halcon has autonomous technology capabilities in areas including guidance and control, navigation, aerodynamic design, weapon flight control computers, warheads and servo systems. The company is a part of the Missiles & Weapons cluster within Edge, which ranks among the top 25 military suppliers in the world.
Separately, Earth, another unit of Edge, signed a preliminary agreement with Lockheed Martin to modernise aviation capabilities of UAE pilots who fly Apache helicopters, which are used in advanced warfare by the military.
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Dubai Airshow 2021 - in pictures
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The potential partnership will lead to Earth operating, repairing and sustaining services for the Modernised Targeting and Designator Sensor (M-TADS) systems. M-TADS, known as the "Eyes of the Apache", enables targeting and pilotage in day, night and in adverse weather missions.
The two companies will explore innovative ways to localise critical aspects of sustainment of Apaches flown by the Joint Aviation Command, they said.
The agreement was signed by Omar Al Zaabi, senior vice president head of programme acquisition at Edge, and John Clarke, vice president, capture excellence and international business development at Lockheed Martin Missiles and Fire Control, during the Dubai Airshow.
Defence spending in the six-member GCC economic bloc is expected to rise to pre-coronavirus levels by 2024, defence intelligence specialist Janes said in a report in February.
The strong economic bounce back is expected to support the sovereigns’ defence expenditure as revenue increases, the report said.
COMPANY%20PROFILE
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AndhaDhun
Director: Sriram Raghavan
Producer: Matchbox Pictures, Viacom18
Cast: Ayushmann Khurrana, Tabu, Radhika Apte, Anil Dhawan
Rating: 3.5/5
if you go
The flights
Emirates fly direct from Dubai to Houston, Texas, where United have direct flights to Managua. Alternatively, from October, Iberia will offer connections from Madrid, which can be reached by both Etihad from Abu Dhabi and Emirates from Dubai.
The trip
Geodyssey’s (Geodyssey.co.uk) 15-night Nicaragua Odyssey visits the colonial cities of Leon and Granada, lively country villages, the lake island of Ometepe and a stunning array of landscapes, with wildlife, history, creative crafts and more. From Dh18,500 per person, based on two sharing, including transfers and tours but excluding international flights. For more information, visit visitnicaragua.us.
Barings Bank
Barings, one of Britain’s oldest investment banks, was
founded in 1762 and operated for 233 years before it went bust after a trading
scandal.
Barings Bank collapsed in February 1995 following colossal
losses caused by rogue trader Nick Lesson.
Leeson gambled more than $1 billion in speculative trades,
wiping out the venerable merchant bank’s cash reserves.
From Zero
Artist: Linkin Park
Label: Warner Records
Number of tracks: 11
Rating: 4/5
UAE currency: the story behind the money in your pockets
Abandon
Sangeeta Bandyopadhyay
Translated by Arunava Sinha
Tilted Axis Press
F1 The Movie
Starring: Brad Pitt, Damson Idris, Kerry Condon, Javier Bardem
Director: Joseph Kosinski
Rating: 4/5
Who has been sanctioned?
Daniella Weiss and Nachala
Described as 'the grandmother of the settler movement', she has encouraged the expansion of settlements for decades. The 79 year old leads radical settler movement Nachala, whose aim is for Israel to annex Gaza and the occupied West Bank, where it helps settlers built outposts.
Harel Libi & Libi Construction and Infrastructure
Libi has been involved in threatening and perpetuating acts of aggression and violence against Palestinians. His firm has provided logistical and financial support for the establishment of illegal outposts.
Zohar Sabah
Runs a settler outpost named Zohar’s Farm and has previously faced charges of violence against Palestinians. He was indicted by Israel’s State Attorney’s Office in September for allegedly participating in a violent attack against Palestinians and activists in the West Bank village of Muarrajat.
Coco’s Farm and Neria’s Farm
These are illegal outposts in the West Bank, which are at the vanguard of the settler movement. According to the UK, they are associated with people who have been involved in enabling, inciting, promoting or providing support for activities that amount to “serious abuse”.
BOSH!'s pantry essentials
Nutritional yeast
This is Firth's pick and an ingredient he says, "gives you an instant cheesy flavour". He advises making your own cream cheese with it or simply using it to whip up a mac and cheese or wholesome lasagne. It's available in organic and specialist grocery stores across the UAE.
Seeds
"We've got a big jar of mixed seeds in our kitchen," Theasby explains. "That's what you use to make a bolognese or pie or salad: just grab a handful of seeds and sprinkle them over the top. It's a really good way to make sure you're getting your omegas."
Umami flavours
"I could say soya sauce, but I'll say all umami-makers and have them in the same batch," says Firth. He suggests having items such as Marmite, balsamic vinegar and other general, dark, umami-tasting products in your cupboard "to make your bolognese a little bit more 'umptious'".
Onions and garlic
"If you've got them, you can cook basically anything from that base," says Theasby. "These ingredients are so prevalent in every world cuisine and if you've got them in your cupboard, then you know you've got the foundation of a really nice meal."
Your grain of choice
Whether rice, quinoa, pasta or buckwheat, Firth advises always having a stock of your favourite grains in the cupboard. "That you, you have an instant meal and all you have to do is just chuck a bit of veg in."
Ten tax points to be aware of in 2026
1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
5. Greater emphasis on statutory audit
There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
Contributed by Thomas Vanhee and Hend Rashwan, Aurifer
RESULTS
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