BNN Bloomberg:

The United Arab Emirates said it will supply its first locally manufactured air defense missiles to German security contractor Rheinmetall AG, as the Gulf state expands the production and export of military technology.

Halcon, a unit of state-owned Edge Group, designed the SkyKnight missile system to provide early warning signals and counter threats from aircraft, unmanned aerial vehicles and rockets, according to the announcement made during Abu Dhabi’s International Defense Exhibition and Conference on Tuesday. The missiles will be part of Rheinmetall’s Skynex defense system, the statement said.

Oil-rich UAE has undertaken to localize arms production and exports amid a push to diversify its economy and become less dependent on foreign companies, particularly defense contractors. Last year, Abu Dhabi-owned Edge accounted for 1.3% of global arms sales, ranked 22nd of the 25 top companies in the world, according to the Stockholm International Peace Research Institute.

Edge’s Chief Executive Officer Faisal Al Bannai said in an interview that he expects sales to grow as much as 15% in 2021, up from $5 billion last year…

Click here to read the full article.