Israel, Greece sign $3.5 billion air-defense deal: What to know

Israel has secured a monumental $3.5 billion defense export deal to construct a sophisticated, multi-layered air defense system for Greece, dubbed the Achilles Shield. This agreement, finalized on Monday, marks Israel's largest-ever defense export contract with Greece, and one of the biggest in the nation's history. Prime Minister Benjamin Netanyahu hailed it as a continuation of the Eastern Mediterranean alliance established a decade ago with Greece and Cyprus.

The Prime Minister emphasized that this deal underscores the prowess of Israel's defense and technological industries, as well as the strengthening of regional alliances. Israel's Defence Ministry Director-General Amir Baram stated that the contract highlights Israel's technological edge and proven performance in the field. The Israeli defense package will encompass the Barak MX system, MMR multi-mission radars for aerial surveillance, Spyder systems, and David's Sling, a system recently procured by Finland.

Greece will also receive a state-of-the-art national command-and-control system, developed by Rafael, to harmonize its air defense capabilities. A supplementary $30 million agreement will see Israel supplying Greece with Rafael's Drone Dome systems to safeguard strategic sites from drone threats, enhancing existing defenses. Furthermore, Israel will strengthen defense-industrial cooperation with Greece, as Athens progressively bolsters its military capabilities in the face of tensions with neighboring Turkey.

Despite their longstanding rivalry over maritime boundaries, territorial airspace, and Cyprus, both nations remain NATO allies. Over the next decade, Greece plans to invest $33 billion in the comprehensive Achilles Shield anti-ballistic, anti-aircraft, and anti-drone system, along with F-35 jets from the United States and frigates from France and Italy.