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Investing.com-- The U.S. State Department authorized the sale of about $1.4 billion worth of military aircraft and equipment to the United Arab Emirates on Monday, coming just ahead of President Donald Trump’s visit to the region this week.
The principal contractors for the sale will be Boeing (NYSE:BA) and Honeywell (NASDAQ:HON).
The proposed sales includes six CH047F Chinook helicopters manufactured by Boeing, along with a host of other equipment, the Defense Security Cooperation Agency said in a statement. The sale will also include components for the F-16 jet.
“The United Arab Emirates is a vital U.S. partner for political stability and economic progress in the Middle East… The UAE will use these assets in search and rescue, disaster relief, humanitarian support, and counterterrorism operations,” the State Department said in a press release.
Trump is set to visit Saudi Arabia, Qatar, and the UAE this week to discuss diplomatic issues on Gaza and Iran, while also pushing for more business and trade deals with the oil-rich countries.
Trump earlier this week appeared to have confirmed reports that he will receive a luxury 747 airplane from Qatar for use as Air Force One. The plane is estimated to be worth about $400 million.