Swiss freeze arms exports to UAE, probe Syria link
Source: BI-ME with Reuters , Author: Posted by BI-ME staff
Posted: Thu July 5, 2012 5:10 pm

INTERNATIONAL. Switzerland said it was freezing arms exports to the United Arab Emirates (UAE) after a media report said a Swiss-made hand grenade originally shipped to the Gulf state had been found in Syria.

The government took the decision after a Swiss newspaper published a picture of a hand grenade produced by Swiss weapons manufacturer RUAG which it said had been taken in the Syrian town of Marea last month, despite the fact that Switzerland stopped arms exports to Syria in 1998.

The photograph raised concerns about the final destination of Switzerland's arms exports.

Initial findings suggested the grenade had been part of a RUAG shipment of 225,162 grenades sent to the UAE in 2003, the Swiss government said.

The Swiss State Secretariat for Economic Affairs (SECO) is therefore tentatively freezing all pending applications for arms exports to the UAE and demanding the return of licenses which have already been issued but not yet used, the Swiss government said in a statement.

The UAE government has not commented on the matter yet.

The Swiss government said it will make further inquiries because the circumstances in the case remain unclear.

"At present, there is no evidence that Swiss hand grenades have found their way to Syria. Inquiries are ongoing however," the government said.

 

MIDDLE EAST BUSINESS COMMENT & ANALYSIS

date:Posted: August 19, 2014
INTERNATIONAL. Europe has been mired in an economic crisis for half a decade now. There have been constant predictions that Europe may finally be turning an economic corner, but if Germany's economy is contracting, it is difficult to believe that any corner is being turned.
date:Posted: August 19, 2014
UAE. Frost & Sullivan study finds the market earned revenues of US$549.3 million in 2013 and estimates US$818.5 million in 2018, at a CAGR of 8.3%. The study covers the Middle East market for industrial service of pumps, motors, compressors, automation, instrumentation and electric drives.
date:Posted: August 18, 2014
INTERNATIONAL. "We believe that raising capital requirements through the introduction of new capital buffers will help to make the industry more resilient," said Standard & Poor's credit analyst Mohamed Damak.
UAE. Frost & Sullivan study finds the market earned revenues of US$549.3 million in 2013 and estimates US$818.5 million in 2018, at a CAGR of 8.3%. The study covers the Middle East market for industrial service of pumps, motors, compressors, automation, instrumentation and electric drives.
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