Boeing Sees $34 Billion Defense Market In Gulf By 2026
DUBAI—Boeing expects Gulf countries to spend $34 billion on defense and space products in the company’s portfolio over the next five years, an executive said Nov.13.
The market forecast includes an estimate of around 100 potential sales campaigns in the region through 2026, Boeing Vice President Mike Manazir told reporters during the company’s pre-show press conference.
Manazir, a business development executive who spoke in place of Boeing Defense and Space president Leanne Caret, who was unavailable due to a family emergency, said he was not able to mention any specific deals that are up for grabs.
In general, the opportunities include sales of fighters, attack and heavy-lift helicopters and KC-46 tankers, Manazir said.
Boeing’s maritime surveillance satellites are another potential growth area in the region, Manazir said, citing the maritime nature of threats for a region bordered by the Gulf, Arabian Sea and Red Sea.
The $34 billion portfolio of opportunities within region reflect the overall “strong” outlook for defense sales globally, Manazir said.
“The defense budgets around the world are sometimes affected by COVID types of remedies,” Manazir said. “However, national security overall remains strong.”
The company’s defense products are now being driven by a new corporate strategy, he adds. A company-wide embrace of weaving digital tools into the design, manufacturing and sustainment phases of each product is aimed at lowering costs, he said.
“We’re moving away from what we build to how we build,” Manazir said.