Kuwait said to sign $9bn deal to buy Euro fighter jets.

Euro Fighter-

Kuwait has signed a memorandum of understanding to buy Euro fighter jets in a deal worth up to 8 billion euros ($9 billion), Italian industry sources said.

The Euro fighter aircraft are produced by Italy’s Finmeccanica, BAE Systems and Airbus . The sources said the 20-year-long deal with Kuwait would be finalized “in a few weeks”.

The news, first reported on Italian daily Corriere della Sera’s web site, drove up Finmeccanica shares by more than 4 percent on Friday. The company, which has a 36 percent stake in the Eurofighter programme, could not be immediately reached for comment.

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An industry source said Finmeccanica was the leading partner of the Kuwait deal and expected to get over 50 percent of its value. The agreement, which includes future maintenance services, was for 28 jets, of which 22 single seaters and six double seaters, the source added.

Kuwait and other Gulf and Middle Eastern countries are looking to acquire new high-tech military equipment to protect themselves from neighboring Iran and internal threats unleashed by the 2011 Arab Spring uprising.

Via : Arabian Business

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