Boeing Underscores Commitment to Middle East, Projects Growth for Aerospace Defense Industry
- Boeing defense backlog stands at $61 billion with 32% of that coming from outside the United States.
- Boeing expects Middle East government support and services 10-year market outlook (between 2020 and 2029) to be valued at $195B, with more than 50% of that dedicated to defense and security services.
Boeing [NYSE: BA] today shared its outlook for the Middle East defense sector, and reaffirmed its commitment to the region, ahead of the biennial International Defence Exhibition and Conference (IDEX).
“The Middle East is a very important market for Boeing and of strategic importance in terms of growth, partnerships, investments and current operations,” said Jeff Shockey, vice president of Global Sales and Marketing, Defense, Space & Security and Government Services for Boeing. “At IDEX, we look forward to continuing our discussions with customers across the region and meet the demand for proven, capable and advanced defense and space products and services that only Boeing can offer.”
“It has been a challenging time for the world and our industry. In partnership with our customers, suppliers and local industry, Boeing has risen to the challenge to ensure mission readiness for the region,” said Torbjorn ‘Turbo’ Sjogren, vice president of International Government & Defence for Boeing. “We remain confident in our current defense and government services programs that operate in the Middle East and the growth potential for the region.”
The Boeing Defense and Space (BDS) Market Outlook for the next 10 years is $2.6 trillion, of which 40% is growth outside the United States. As of the beginning of this year, BDS backlog stands at $61 billion with 32% of that coming from outside the United States.
Despite the challenges presented by the global pandemic, demand for Boeing’s Government Services business remains stable and provides critical stability for the company. Boeing expects the government support and services 10-year market (between 2020 and 2029) to be worth $1.4T. The Middle East represents $195B of the services market, with more than 50% of that dedicated to defense and security services.
Boeing will hold discussions with customers and industry partners about its range of capabilities in multi-role fighter aircraft, vertical lift platforms, aerial multi-role tankers, unmanned systems and technologies. Boeing will also focus on its world-class sustainment and training solutions, expansive supply chain and logistics network, and local partnerships.
Boeing’s presence at the show will follow all Covid-19 precautions to ensure the safety of its employees and visitors at the exhibit.
