The armed forces announced Dh9.5 billion worth of orders for ships, satellites and armoured vehicles at the International Defence Exhibition in the capital yesterday.
The biggest contract went to the French groups Airbus and Thales Alenia Space.
Airbus Defence and Thales Alenia Space won a joint Dh3.745bn deal to provide two satellites and ground control stations to the UAE’s armed forces for military purposes, according to the Idex spokesman Major General Obaid Al Ketbi.
The second biggest deal was a Dh2.4bn contract between the armed forces and UAE’s Al Taif Technical Services to provide maintenance services to the ground force’s vehicles. The third biggest contract went to the UAE’s state-owned defence vehicle manufacturer Nimr Automotive, which produces 4x4 and 6x6 armoured and non-armoured vehicles, for up to 1000 Nimr vehicles.
Abu Dhabi Ship Building won a Dh870 million contract to provide two ships and Abu Dhabi Autonomous Systems Investments won a Dh490 million deal for unmanned systems.
Yesterday’s Dh9.5bn figure compares with Dh14.1bn worth of deals announced at the previous edition of Idex in 2013.
The UAE, which is participating in the US-led effort against ISIL targets in Syria, is also still in talks to purchase fighter jets from France’s Dassault Aviation, among others, according to Major General Al Ketbi.
“It is ongoing. It’s a question of time,” he said.
Yesterday, the Eurofighter consortium said it is keen to reopen talks with the UAE in a new bid to sell its Typhoon fighter jets more than a year after a deal for up to 60 of its aircraft fell through.
Meanwhile, Canada said it is chasing C$3.5 billion (Dh10.21bn) worth of defence deals from the Middle East this year as western defence budgets are slashed.
The country was determined to make an impact at Idex by splashing C$2.5m on its pavilion at the show, where 53 Canadian companies are displaying their products – up from 42 at Idex 2013.
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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.