Israel's Rafael and Israel Shipyards Negotiate Over $100 Million Cyprus Deal
Translated & summarized from Globes by baba
Cyprus is negotiating a deal worth over $100 million with Israeli companies Rafael and Israel Shipyards for naval vessels and weapon systems. This follows reports of Cyprus's interest in Israeli missile defense systems, highlighting growing defense cooperation. The potential deal has boosted Israel Shipyards' stock, and is part of a wider expansion of Israeli defense exports in Europe.
The story in 5 lines · by baba
- Cyprus is in talks for a potential $100 million deal with Rafael and Israel Shipyards.
- The agreement would supply Cyprus with naval vessels and weapon systems.
- Cyprus has also expressed interest in acquiring Israeli missile defense systems.
- The news caused Israel Shipyards' stock to rise by approximately 6%.
- This deal is part of a growing trend of Israeli defense exports to Europe.
Cyprus is reportedly in advanced negotiations with Israeli defense firms Rafael and Israel Shipyards for a deal estimated to be worth over $100 million. The agreement would involve the supply of naval vessels and weapon systems to the Cypriot government.
This potential deal follows recent reports that Cyprus is interested in acquiring Rafael's missile defense systems, such as Iron Dome, David's Sling, and the Barak missile. The ongoing defense cooperation between Israel and Cyprus is expanding, with both nations seeking to bolster their security capabilities.
The news has already impacted the stock market, with Israel Shipyards' shares rising approximately 6% on the Tel Aviv Stock Exchange following the reports. The company recently announced a separate deal with the Israeli Ministry of Defense to supply naval platforms and services to an unnamed foreign government client, valued at around 80 million euros.
This development is part of a broader trend of increasing presence of Israeli defense industries in Europe. Earlier in the month, Elbit Systems and Germany's Diehl Defence successfully demonstrated the SkyStriker loitering munition. Rafael also recently acquired a Volkswagen factory in Germany for component production for Iron Dome, and the Israeli Ministry of Defense signed a significant air defense deal with Greece worth 3.1 billion euros.
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