DOHA, United Arab Emirates, March 31 (UPI) -- Europe's MBDA has signed a memorandum of understanding to provide the Qatar Emiri Naval Force with a coastal defense system.
The system would be capable of firing both Exocet MM 40 Block 3 missiles and Marte Extended Range missiles and function autonomously with its own radar, or by data-linking to a higher level within a wider coastal surveillance network.
The future contact would carry a value of about $724 million.
"This MOU represents the first step towards the signing of a contract for this new and innovative coastal missile system," said Antoine Bouvier, chief executive officer of MBDA. "This is a further confirmation of the trust placed by the Qatar Armed Forces in MBDA for its defense requirements."
The MOU was signed Wednesday at the DIMDEX 2016 exhibition in Doha, the United Arab Emirates.
MBDA is a world leader in missiles and missile systems. It is owned by Airbus Group, BAE Systems and Finmeccanica.