The UAE Armed Forces awarded contracts worth Dh7.29 billion ($1.98bn) on Monday, the second day of the International Defence Exhibition and Conference, with most going to international companies.
The Armed Forces signed 11 deals, including nine worth Dh6.98bn with international companies, said Staff Brig Gen Mohammed Al Hassani, official spokesman for Idex and the Naval Defence and Maritime Security Exhibition.
Local companies won contracts valued at Dh310 million.
“The amount is very good as per the requirement of the Armed Forces,” he said.
The international deals included a 3.74bn contract with Saab to buy G6000 early warning aircraft and a Dh2.61bn deal with Raytheon to buy Patriot missiles.
Among the local companies that won contracts were the International Golden Group and Ahmed Al Mazrouei Metal Industries, which were awarded deals worth Dh285m and Dh25m, respectively.
UAE-based small arms manufacturer Caracal released two new products yesterday: the second-generation Caracal F Gen II pistol and the CSA338 semiautomatic rifle.
“They represent the pinnacle of innovation, performance and reliability,” said chief executive Hamad Al Ameri.
The two weapons represent “significant technological and manufacturing advancements for supply to local and international markets”, Caracal said.
The small arms maker is part of the missiles and weapons cluster within Edge, the UAE’s defence conglomerate that is among the world's top 25 military suppliers.
Abu Dhabi’s Tawazun Economic Council and Thales Emarat Technologies announced plans for the Radar Centre of Excellence, which will develop, produce and maintain Thales' radars.
The centre will focus specifically on the development of next-generation radars and plans to export them once the centre is completed.
The tie-up will cultivate key technology solutions within the UAE by developing local skills and capabilities in areas such as radar system engineering, said Tawazun Economic Council chief executive Tareq Al Hosani.
“It is through partnerships such as this that we can continue to develop and build up our critical technical capabilities and our national competencies and skills, fortifying the sovereign capabilities of the UAE,” he said.
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UAE royals tour Idex
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The centre will boost the UAE's prospects by including local companies in the industrial supply chain, creating jobs for UAE nationals and supporting collaboration with research and development institutes.
The economic council also signed a co-operation agreement with Saudi Arabia’s General Authority for Military Industries to explore the potential for joint projects and identify areas of collaboration in defence-related R&D.
“This agreement sets the course for a new era of co-operation between the two brotherly countries in all domains, particularly in R&D, technology transfer, foreign direct investment and joint defence industries,” said Jassem AlZaabi, chairman of the Abu Dhabi Department of Finance.
Halcon, the producer of precision-guided weapons and part of the Edge group, revealed its first anti-ship, surface-to-surface cruise missile at Idex yesterday.
The HAS-250 was designed and developed in the UAE and is capable of travelling at speeds of up to 988 kilometres per hour. It has a range of more than 250km.
During its terminal phase, it can fly towards its target at a sea-skimming altitude that is below five metres.
“The HAS-250 is a significant advancement in our quest to equip naval forces with the [best]-performing cruise missile system,” said Halcon chief executive Saeed Al Mansoori.
The weapon will assist in the active defence of the country's waterways and "build on Edge’s expanding reputation for being bold, agile, and disruptive”, he said.
South African defence manufacturer Paramount Group unveiled its long-range, precision-strike swarming unmanned aerial vehicle system, N-Raven, on the second day of the exhibition.
“We continue to research, design and innovate new technology that removes military personnel from the front lines and minimises collateral damage and exposure of friendly forces,” said Lee Connelly, chief executive of subsidiary Paramount Advanced Technologies.
Paramount Group ADGM, the group's UAE-based arm, said it opened a new office in Tel Aviv after the normalisation of ties between the UAE and Israel last September.
“Countries share similar challenges to security and have a common interest in stability,” said Clifford Dewell, senior vice president of the Paramount Group.
“We see similarly unique opportunities to address those challenges while bolstering those nations’ indigenous aerospace and defence industries alongside our partners, serving as a proponent of their economic growth.”
Dr Sultan Al Jaber, Minister of Industry and Advanced Technology, said defence industries are "a source of numerous innovative concepts that are being implemented and utilised" in other related sectors such as space, computer systems and pharmaceuticals.
"The significance of such events lies in their ability to contribute to the nation’s agenda of growing the industry and manufacturing sectors through the use of innovative Fourth Industrial Revolution- and artificial intelligence-based solutions," he said.
"As a result, this positions the UAE as a destination for innovation, attracting talented individuals with exceptional ideas and projects from across the globe, to develop advanced technologies and employ them in boosting economic growth and quality of life.”
ICC men's cricketer of the year
2004 - Rahul Dravid (IND) ; 2005 - Jacques Kallis (SA) and Andrew Flintoff (ENG); 2006 - Ricky Ponting (AUS); 2007 - Ricky Ponting; 2008 - Shivnarine Chanderpaul (WI); 2009 - Mitchell Johnson (AUS); 2010 - Sachin Tendulkar (IND); 2011 - Jonathan Trott (ENG); 2012 - Kumar Sangakkara (SL); 2013 - Michael Clarke (AUS); 2014 - Mitchell Johnson; 2015 - Steve Smith (AUS); 2016 - Ravichandran Ashwin (IND); 2017 - Virat Kohli (IND); 2018 - Virat Kohli; 2019 - Ben Stokes (ENG); 2021 - Shaheen Afridi
Low turnout
Two months before the first round on April 10, the appetite of voters for the election is low.
Mathieu Gallard, account manager with Ipsos, which conducted the most recent poll, said current forecasts suggested only two-thirds were "very likely" to vote in the first round, compared with a 78 per cent turnout in the 2017 presidential elections.
"It depends on how interesting the campaign is on their main concerns," he told The National. "Just now, it's hard to say who, between Macron and the candidates of the right, would be most affected by a low turnout."
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The specs
AT4 Ultimate, as tested
Engine: 6.2-litre V8
Power: 420hp
Torque: 623Nm
Transmission: 10-speed automatic
Price: From Dh330,800 (Elevation: Dh236,400; AT4: Dh286,800; Denali: Dh345,800)
On sale: Now
The specs: 2018 Mercedes-Benz GLA
Price, base / as tested Dh150,900 / Dh173,600
Engine 2.0L inline four-cylinder
Transmission Seven-speed automatic
Power 211hp @ 5,500rpm
Torque 350Nm @ 1,200rpm
Fuel economy, combined 6.4L / 100km
How to keep control of your emotions
If your investment decisions are being dictated by emotions such as fear, greed, hope, frustration and boredom, it is time for a rethink, Chris Beauchamp, chief market analyst at online trading platform IG, says.
Greed
Greedy investors trade beyond their means, open more positions than usual or hold on to positions too long to chase an even greater gain. “All too often, they incur a heavy loss and may even wipe out the profit already made.
Tip: Ignore the short-term hype, noise and froth and invest for the long-term plan, based on sound fundamentals.
Fear
The risk of making a loss can cloud decision-making. “This can cause you to close out a position too early, or miss out on a profit by being too afraid to open a trade,” he says.
Tip: Start with a plan, and stick to it. For added security, consider placing stops to reduce any losses and limits to lock in profits.
Hope
While all traders need hope to start trading, excessive optimism can backfire. Too many traders hold on to a losing trade because they believe that it will reverse its trend and become profitable.
Tip: Set realistic goals. Be happy with what you have earned, rather than frustrated by what you could have earned.
Frustration
Traders can get annoyed when the markets have behaved in unexpected ways and generates losses or fails to deliver anticipated gains.
Tip: Accept in advance that asset price movements are completely unpredictable and you will suffer losses at some point. These can be managed, say, by attaching stops and limits to your trades.
Boredom
Too many investors buy and sell because they want something to do. They are trading as entertainment, rather than in the hope of making money. As well as making bad decisions, the extra dealing charges eat into returns.
Tip: Open an online demo account and get your thrills without risking real money.
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Unresolved crisis
Russia and Ukraine have been locked in a bitter conflict since 2014, when Ukraine’s Kremlin-friendly president was ousted, Moscow annexed Crimea and then backed a separatist insurgency in the east.
Fighting between the Russia-backed rebels and Ukrainian forces has killed more than 14,000 people. In 2015, France and Germany helped broker a peace deal, known as the Minsk agreements, that ended large-scale hostilities but failed to bring a political settlement of the conflict.
The Kremlin has repeatedly accused Kiev of sabotaging the deal, and Ukrainian officials in recent weeks said that implementing it in full would hurt Ukraine.
Tank warfare
Lt Gen Erik Petersen, deputy chief of programs, US Army, has argued it took a “three decade holiday” on modernising tanks.
“There clearly remains a significant armoured heavy ground manoeuvre threat in this world and maintaining a world class armoured force is absolutely vital,” the general said in London last week.
“We are developing next generation capabilities to compete with and deter adversaries to prevent opportunism or miscalculation, and, if necessary, defeat any foe decisively.”
Who was Alfred Nobel?
The Nobel Prize was created by wealthy Swedish chemist and entrepreneur Alfred Nobel.
- In his will he dictated that the bulk of his estate should be used to fund "prizes to those who, during the preceding year, have conferred the greatest benefit to humankind".
- Nobel is best known as the inventor of dynamite, but also wrote poetry and drama and could speak Russian, French, English and German by the age of 17. The five original prize categories reflect the interests closest to his heart.
- Nobel died in 1896 but it took until 1901, following a legal battle over his will, before the first prizes were awarded.