Boeing and Lockheed Sell Transports to the UAE

(MoneyWatch)  As a fitting end to a spending spree coinciding with the International Defense Exhibition (IDEX) in Abu Dhabi the UAE announced that it had purchased C-17 and C-130 transports. AFP reports that during the show the Gulf nation spent close to $4 billion on new weapons. Raytheon had won an order for AIM-120 AMRAAM missiles earlier. There had also been an investment in advanced missile and air defense systems from the U.S. late last year. Now Boeing will provide four C-17 and Lockheed twelve C-130J. The C-17 has also been sold to Qatar in the Gulf region. The cost of these two contracts is almost $3 billion themselves. The concern has been that countries like the UAE or Saudi Arabia may cut back on spending with the decline in oil revenue. It looks like the UAE for one is investing in a significant technical upgrade of their forces and their capabilities with existing funds.