Israel Shipyards and Rafael near EUR150m naval deal with Cyprus
Israel Shipyards and Rafael are nearing an agreement to supply naval vessels and weapon systems to Cyprus in a deal valued at approximately EUR 150 million. The transaction is expected to be signed in the coming weeks following the completion of negotiations between the Israeli and Cypriot defense ministries.
Under the proposed arrangement, Israel Shipyards would supply vessels to the Cypriot Navy equipped with Rafael systems. The companies have previously worked together on defense programs involving Cyprus and other international customers, including Azerbaijan and the Philippines.
The deal is being advanced through a government-to-government framework and would further strengthen defense and economic cooperation between Israel and Cyprus. It follows other recent Israeli defense activity in the region, including the EUR 3 billion Achilles Shield agreement with Greece and the deployment of Israel Aerospace Industries’ Barak MX air and missile defense system in Cyprus.
Israeli defense sources said the naval agreement could also lead to additional commercial cooperation, including possible defense manufacturing initiatives.
Read more in CTech.
