Qatar Puts Order In For 24 New Typhoons

Defence giant BAE Systems saw their shares take off after Qatar’s defence minister signed a letter of intent to buy 24 Eurofighter Typhoon jets from the U.K.

The shares have been hovering near to a two-month high after the intent to buy agreement was signed on Sunday.

The Typhoon deal is estimated to be worth at least £2 billion and increased BAE shares 3.1% on Monday morning. BAE Systems is now set to manufacture 24 jets out of its plant in Lancashire for Qatar’s Armed Forces.

Defence Secretary, Sir Michael Fallon was vising the Gulf over the weekend when counterpart, Khalid bin Mohammed Al Attiyah signed the Gulf-U.K arms deal.

Sir Michael Fallon said:

“This is an important moment in our defence relationship and the basis for even closer defence co-operation between our two countries.

"We also hope that this will help enhance security within the region across all Gulf allies and enhance Typhoon interoperability across the GCC.”