Feb. 18 (Bloomberg) -- Yugoimport SPDR, Serbia’s biggest defense company, and a unit of Emirates Advance Investments Group signed a contract to develop light cruise missiles in the Balkan country.
Yugoimport, based in Belgrade, agreed the deal with Emirates Advanced Research and Technology Holding LLC, or Earth, in Abu Dhabi today which may lead to “joint production and deliveries of large quantities” of missiles and related equipment, Serbia’s Defense Ministry said in an e-mailed statement. The contract is worth more than 200 million euros ($267 million), with an initial 24 million euros from the Abu Dhabi-based company due within weeks, the government said on its website.
Production of the missiles, with a range of as much as 60 kilometers (38 miles), will involve Serbia’s arms maker Krusik and aircraft manufacturer Utva, the defense ministry said.
Serbia and the United Arab Emirates yesterday signed agreements on strategic partnership, protection of mutual investments and defense cooperation. The Balkan country has sought multibillion-euro investment from the Gulf state, including in agriculture and information technology.
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