BAE to supply aircraft to Oman

BAE Systems has confirmed it has signed a multi-billion pound deal with the government of Oman to supply of Typhoon and Hawk Advanced Jet Trainer aircraft.

BAE Systems has confirmed it has signed a multi-billion pound deal with the government of Oman to supply of Typhoon and Hawk Advanced Jet Trainer aircraft.

The contract, which is worth around £2.5bn, will see the defence firm deliver 12 Typhoon and 8 Hawk aircraft starting in 2017.

BAE will be the prime contractor in terms of supplying the aircraft and offering support services.

It is a boost to BAE, which has faced problems in Saudi Arabia as it attempts to resolve pricing issues over the further supply of Typhoons.

Prime Minister David Cameron revealed the deal last night at a press conference in the Middle East.

He hopes to secure sales of more than 100 aircraft to the Gulf region, earning British firms around £6bn in the process.

"Boosting exports is vital to economic growth and that's why I'm doing all I can to promote British business in the fastest-growing markets, so they can thrive in the global race," said Cameron, who is in the region visiting British troops.

"Every country in the world has a right to self-defense and I'm determined to put Britain's first-class defense industry at the forefront of this market, supporting 300,000 jobs across the country."

Recommended

Three sustainable stocks that are doing well by doing good
Share tips

Three sustainable stocks that are doing well by doing good

Professional investor Peter Michaelis of the Liontrust Sustainable Investment Team picks three stocks to buy that are helping to create a cleaner, saf…
26 Jul 2021
Share tips of the week – 23 July
Share tips

Share tips of the week – 23 July

MoneyWeek’s comprehensive guide to the best of this week’s share tips from the rest of the UK's financial pages.
23 Jul 2021
Will Zoom’s $15bn purchase help it expand?
Tech stocks

Will Zoom’s $15bn purchase help it expand?

The videoconferencing platform became a household name during the pandemic, but it now needs new sources of growth. Alex Rankine reports
23 Jul 2021
Philip Morris goes “beyond nicotine”
Stocks and shares

Philip Morris goes “beyond nicotine”

US tobacco giant Philip Morris International has agreed to pay £1bn for British inhaler specialist Vectura.
23 Jul 2021

Most Popular

The MoneyWeek Podcast: Asia, financial repression and the nature of capitalism
Economy

The MoneyWeek Podcast: Asia, financial repression and the nature of capitalism

Russell Napier talks to Merryn about financial repression – or "stealing money from old people slowly" – plus how Asian capitalism is taking over in t…
16 Jul 2021
Why the UK's 2.5% inflation is a big deal
Inflation

Why the UK's 2.5% inflation is a big deal

After years of inflation being a financial-assets problem, it is now an “ordinary things” problem too, says Merryn Somerset Webb. But central banks st…
16 Jul 2021
Three companies that are reaping the rewards of investment
Share tips

Three companies that are reaping the rewards of investment

Professional investor Edward Wielechowski of the Odyssean Investment Trust highlights three stocks that have have invested well – and are able to deal…
19 Jul 2021