IAI clinches lucrative Arrow missile sale as Israel's defense industry thrives amid war
Sale valued at 1.9 billion dollars signed between Israel and an unnamed government; Israeli weapons systems in demand as global tensions rise; industry sees record-braking earnings
Navit Zomer|18:35Add a comment
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Arrow Anti-Ballistic Missile System
Israel Aerospace Industries
Israel Aerospace Industry (IAI) said on Thursday that it signed a 1.9-billion-dollar deal to sell air defense systems to an unnamed country. The contractual agreement was signed between governments and IAI is the subcontractor which will manufacture the systems over seven years.
While some European nations have banned the export of military equipment to Israel, the demand for Israeli-made weapons systems is at an all-time high, especially after they showed excellent results during the war.
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The peak was in April when Iran launched 300 missiles and drones on Israel, 99% of which were intercepted or shot down by Israeli defenses, with the help of U.S. and others.
The rising tensions in the Middle East since the October 7 massacre and the ensuing war, increased the threat posed by the Axis of nations, including China, Russia and Iran and prompted countries in Europe and in Asia to bolster their defenses in land sea and air.
Germany purchased Arrow Missile defense systems from IAI last year, a sale that was estimated at 3.5 billion dollars.
Since the start of the war, IAI's best sellers have been Arrow 2 and Arrow 3 that became operational after October and were used to intercept long-range missiles fired by the Houthi Rebels in Yemen.
Arrow 3
(Photo: Defense Ministry )
IAI said Q1 2024 was its most profitable quarter ever – up 48% totaling 135 million dollars. Company revenues reached 1.4 billion dollars, an increase of 15% and orders in the pipeline are valued at 19 billion dollars.
