Abu Dhabi's Waha Capital said on Wednesday it had been mandated to arrange and manage a financing plan for the UAE armed forces to buy military aircraft worth 11 billion dirhams ($3 billion).

Waha did not give further details in a statement on what type of financing the armed forces would pursue to buy 12 C-130J Super Hercules from Lockheed Martin and four C17 military transport jets from Boeing Co.

Officals yesterday said the UAE armed forces had awarded a 5.9 billion dirham ($1.61 billion) contract to Lockheed Martin and a 4.3 billion dirham deal to Boeing.

Waha Capital will undertake the purchase and manage the financing of the aircraft, they said. - Reuters