Political tension in Europe, stoked by the Russia-Ukraine war and Washington's push for European countries to spend more on protecting themselves, will boost growth for defence companies, the chief executive of Swedish conglomerate Saab has told The National.
“One thing that is absolutely dominating the discussion now is that Europe must step up and take more defence responsibility, which means that it will spend more on defence as part of GDP. That, of course, opens up opportunities for us,” Micael Johansson, who is also president of the Stockholm-based group, said on the sidelines of the International Defence Exhibition and Conference (Idex) in Abu Dhabi.
US President Donald Trump, critical of the low defence spending of Nato nations during his first presidential term, has begun his second stint in the White House with the same demand. He has urged Nato members to increase their defence spending to 5 per cent of gross domestic product, from the current target of 2 per cent.
Earlier this month, US Secretary of Defence Pete Hegseth toured Europe and said America would no longer tolerate an imbalance in its relationship with Europe over defence. He added that military spending of 5 per cent of economic output is a goal European nations must achieve to meet their own security requirements, and not depend on the US.
Saab, which manufactures Gripen fighter aircraft, air traffic control systems and radars among other products, had invested in boosting its production capacity even before the Russia's invasion of Ukraine, nearly three years ago. Those investments are expected to support the company in meeting the rising demand as European nations boost defence spending, Mr Johansson said.
“On our weapons side, we started this investment quite early, and now we've invested even more, of course, to quadruple output on our munitions side, which is something that will come into play more and more this year and next year,” he said.
European defence stocks including Germany’s Rheinmetall, Saab and UK’s BAE Systems surged last week in anticipation of companies winning more defence contracts.
Saab's shares, which closed 2.85 per cent higher on Wednesday, gained 1.67 per cent during early trade on Thursday.
Sweden is Saab’s biggest market, followed by the rest of Europe, with sales worth 26.1 billion Swedish kronor ($2.44 billion) and 15.8 billion kronor, respectively, by the end of last year. It also sells weapons to other markets including North America, Latin America, Asia and Africa.
The company recorded sales worth 63.7 billion kronor last year, up 23.5 per cent from the previous year. It expects 12 per cent to 16 per cent organic growth in sales this year.
A number of defence products offered by the company are expected to be in demand as geopolitical tensions continue to remain high in the region, Mr Johansson said.
“We have advanced weapon systems with support weapons and the tank weapons and also missile capability. Those two areas are the ones that are growing the most, but also training in simulation. So many defence forces need sort of increased training, because they're increasing the forces as such, and they need to be more prepared.”
In 2024, global defence spending reached $2.46 trillion, up from $2.24 trillion in the previous year, driven by Europe and the Middle East and North Africa amid continued security challenges, a recent report by the International Institute for Strategic Studies found.
Defence requirements have gone up in Europe amid Russia-Ukraine war. Europe and its allies, including the US, have been supporting Ukraine with billions in weapons and funding.
The UK's BAE Systems is also bullish about demand rising for its products.
“We have demand and we think that continues,” Brian Gathright, vice president of business development, platforms and services at BAE Systems, said.
“Certainly, the Ukraine conflict has kind of revalidated some of the importance of the role of armour in land combat, the importance of artillery and so we're seeing strength across our offerings in that space.”
The company is displaying its Amphibious Combat Vehicle at Idex, which has operational capabilities on water as well as on land, with demand continuing to rise. Currently, it is being manufactured for use by the US marine corps and BAE expects demand for the vehicle in GCC as well as other countries.
“Globally, the United States is our largest customer. We have significant home market customers and we have a host of international customers, with the orders we received in Czech Republic and Slovakia. The UK is a major customer for us, across all of our business,” Mr Gathright said.
Another European defence company MBDA said the context today is favourable to sell more weapons in Europe.
“We have increased defence spending in Europe, and MBDA is a major missile supplier of our domestic market,” Patrice Hajjar, MBDA’s Middle East vice president, Sales and Business Development Directorate, said.
The company's main markets comprise France, the UK, Germany, Italy and Spain, with plans to expand in the Middle East, Mr Hajjar added.
UAE currency: the story behind the money in your pockets
UAE currency: the story behind the money in your pockets
How much do leading UAE’s UK curriculum schools charge for Year 6?
- Nord Anglia International School (Dubai) – Dh85,032
- Kings School Al Barsha (Dubai) – Dh71,905
- Brighton College Abu Dhabi - Dh68,560
- Jumeirah English Speaking School (Dubai) – Dh59,728
- Gems Wellington International School – Dubai Branch – Dh58,488
- The British School Al Khubairat (Abu Dhabi) - Dh54,170
- Dubai English Speaking School – Dh51,269
*Annual tuition fees covering the 2024/2025 academic year
UAE currency: the story behind the money in your pockets
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
Labour dispute
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
- Abdullah Ishnaneh, Partner, BSA Law
Global state-owned investor ranking by size
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United States
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China
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UAE
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Japan
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5
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Norway
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6.
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Canada
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Singapore
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Australia
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Saudi Arabia
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South Korea
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COMPANY%20PROFILE
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RESULTS
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Specs
Engine: Electric motor generating 54.2kWh (Cooper SE and Aceman SE), 64.6kW (Countryman All4 SE)
Power: 218hp (Cooper and Aceman), 313hp (Countryman)
Torque: 330Nm (Cooper and Aceman), 494Nm (Countryman)
On sale: Now
Price: From Dh158,000 (Cooper), Dh168,000 (Aceman), Dh190,000 (Countryman)
In numbers: China in Dubai
The number of Chinese people living in Dubai: An estimated 200,000
Number of Chinese people in International City: Almost 50,000
Daily visitors to Dragon Mart in 2018/19: 120,000
Daily visitors to Dragon Mart in 2010: 20,000
Percentage increase in visitors in eight years: 500 per cent
ESSENTIALS
The flights
Emirates flies from Dubai to Phnom Penh via Yangon from Dh2,700 return including taxes. Cambodia Bayon Airlines and Cambodia Angkor Air offer return flights from Phnom Penh to Siem Reap from Dh250 return including taxes. The flight takes about 45 minutes.
The hotels
Rooms at the Raffles Le Royal in Phnom Penh cost from $225 (Dh826) per night including taxes. Rooms at the Grand Hotel d'Angkor cost from $261 (Dh960) per night including taxes.
The tours
A cyclo architecture tour of Phnom Penh costs from $20 (Dh75) per person for about three hours, with Khmer Architecture Tours. Tailor-made tours of all of Cambodia, or sites like Angkor alone, can be arranged by About Asia Travel. Emirates Holidays also offers packages.
What is the FNC?
The Federal National Council is one of five federal authorities established by the UAE constitution. It held its first session on December 2, 1972, a year to the day after Federation.
It has 40 members, eight of whom are women. The members represent the UAE population through each of the emirates. Abu Dhabi and Dubai have eight members each, Sharjah and Ras al Khaimah six, and Ajman, Fujairah and Umm Al Quwain have four.
They bring Emirati issues to the council for debate and put those concerns to ministers summoned for questioning.
The FNC’s main functions include passing, amending or rejecting federal draft laws, discussing international treaties and agreements, and offering recommendations on general subjects raised during sessions.
Federal draft laws must first pass through the FNC for recommendations when members can amend the laws to suit the needs of citizens. The draft laws are then forwarded to the Cabinet for consideration and approval.
Since 2006, half of the members have been elected by UAE citizens to serve four-year terms and the other half are appointed by the Ruler’s Courts of the seven emirates.
In the 2015 elections, 78 of the 252 candidates were women. Women also represented 48 per cent of all voters and 67 per cent of the voters were under the age of 40.
Specs
Price, base: Dhs850,000
Engine: 3.9-litre twin-turbo V8
Transmission: Seven-speed automatic
Power: 591bhp @ 7,500rpm
Torque: 760Nm @ 3,000rpm
Fuel economy, combined: 11.3L / 100km
UAE currency: the story behind the money in your pockets
The Details
Kabir Singh
Produced by: Cinestaan Studios, T-Series
Directed by: Sandeep Reddy Vanga
Starring: Shahid Kapoor, Kiara Advani, Suresh Oberoi, Soham Majumdar, Arjun Pahwa
Rating: 2.5/5
Conflict, drought, famine
Estimates of the number of deaths caused by the famine range from 400,000 to 1 million, according to a document prepared for the UK House of Lords in 2024.
It has been claimed that the policies of the Ethiopian government, which took control after deposing Emperor Haile Selassie in a military-led revolution in 1974, contributed to the scale of the famine.
Dr Miriam Bradley, senior lecturer in humanitarian studies at the University of Manchester, has argued that, by the early 1980s, “several government policies combined to cause, rather than prevent, a famine which lasted from 1983 to 1985. Mengistu’s government imposed Stalinist-model agricultural policies involving forced collectivisation and villagisation [relocation of communities into planned villages].
The West became aware of the catastrophe through a series of BBC News reports by journalist Michael Buerk in October 1984 describing a “biblical famine” and containing graphic images of thousands of people, including children, facing starvation.
Band Aid
Bob Geldof, singer with the Irish rock group The Boomtown Rats, formed Band Aid in response to the horrific images shown in the news broadcasts.
With Midge Ure of the band Ultravox, he wrote the hit charity single Do They Know it’s Christmas in December 1984, featuring a string of high-profile musicians.
Following the single’s success, the idea to stage a rock concert evolved.
Live Aid was a series of simultaneous concerts that took place at Wembley Stadium in London, John F Kennedy Stadium in Philadelphia, the US, and at various other venues across the world.
The combined event was broadcast to an estimated worldwide audience of 1.5 billion.
SHADOWS%20AND%20LIGHT%3A%20THE%20EXTRAORDINARY%20LIFE%20OF%20JAMES%20MCBEY
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Dengue%20fever%20symptoms
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Ferrari 12Cilindri specs
Engine: naturally aspirated 6.5-liter V12
Power: 819hp
Torque: 678Nm at 7,250rpm
Price: From Dh1,700,000
Available: Now
UAE%20Warriors%2033%20Results
%3Cp%3E%3Cstrong%3EFeatherweight%20title%3C%2Fstrong%3E%3Cbr%3EAli%20Al%20Qaisi%20by%20Jesse%20Arnett%20by%20submission%2C%20round%203%3Cbr%3E%3Cstrong%3EWelterweight%20title%3C%2Fstrong%3E%3Cbr%3EJosh%20Togo%20bt%20Tahir%20Abdullaev%20by%20unanimous%20decision%3Cbr%3E%3Cstrong%3EFlyweight%3C%2Fstrong%3E%3Cbr%3EIago%20Ribeiro%20bt%20Juan%20Puerta%20by%20unanimous%20decision%3Cbr%3E%3Cstrong%3EMiddleweight%3C%2Fstrong%3E%3Cbr%3EYerkin%20Darmen%20bt%20Tyler%20Ray%20by%20TKO%2C%20round%203%3Cbr%3E%3Cstrong%3EWelterweight%3C%2Fstrong%3E%3Cbr%3EAbdulla%20Al%20Bousheiri%20bt%20John%20Adajar%20by%20submission%2C%20round%201%3Cbr%3E%3Cstrong%3ECatchweight%20232lb%3C%2Fstrong%3E%3Cbr%3EAsylzhan%20Bakhytzhanuly%20bt%20Hasan%20Yousefi%20by%20submission%2C%20round%202%3Cbr%3E%3Cstrong%3ECatchweight%20176lb%3C%2Fstrong%3E%3Cbr%3EAlin%20Chirila%20bt%20Silas%20Robson%20by%20KO%2C%20round%201%3Cbr%3E%3Cstrong%3ECatchweight%20176lb%3C%2Fstrong%3E%3Cbr%3EArvin%20Chan%20bt%20Abdi%20Farah%20by%20TKO%2C%20round%201%3Cbr%3E%3Cstrong%3ELightweight%3C%2Fstrong%3E%3Cbr%3EOle-Jorgen%20Johnsen%20bt%20Nart%20Abida%20by%20TKO%2C%20round%201%3Cbr%3E%3Cstrong%3EBantamweight%3C%2Fstrong%3E%3Cbr%3EOtar%20Tanzilov%20bt%20Eduardo%20Dinis%20by%20TKO%2C%20round%203%3Cbr%3E%3Cstrong%3EStrawweight%3C%2Fstrong%3E%3Cbr%3EColine%20Biron%20bt%20Aysun%20Erge%20via%20submission%2C%20round%202%3Cbr%3E%3Cstrong%3EWelterweight%3C%2Fstrong%3E%3Cbr%3ESoslan%20Margiev%20bt%20Mathieu%20Rakotondrazanany%20by%20unanimous%20decision%3Cbr%3E%3Cstrong%3EBantamweight%3C%2Fstrong%3E%3Cbr%3EBakhromjon%20Ruziev%20bt%20Younes%20Chemali%20by%20majority%20decision%3C%2Fp%3E%0A
