TheÂ State Department has approvedÂ a potential sale to the United Arab Emirates of $2 billion in PatriotÂ missile systems fromÂ Lockheed MartinÂ (NYSE: LMT) and RaytheonÂ (NYSE: RTN).
UAEÂ requested 60 Lockheed-builtÂ Patriot Advanced Capability 3 missiles and Raytheon-made 100 Patriot Guidance Enhanced Missile-Tactical missiles through a foreign military sales agreement with the U.S. government, theÂ Defense Security Cooperation Agency said Thursday.
The proposed saleÂ also covers missile canisters, tools, test equipment, support equipment, publications, technical documentation and spare and repair parts and program support services.
DSCA notified Congress of the transaction on Wednesday and the agency notedÂ that UAE would acquire the systems to deter aircraft and missile threats.
The deal will require the deployment ofÂ additional contractor representatives to UAE.