KRAUSS-MAFFEI-WEGMANN TO LOSE SAUDI ARMS CONTRACT

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FRANKFURT: German defense technology group Krauss-Maffei-Wegmann is about to lose a contract worth at least 5.0 billion euros from Saudi Arabia, the daily Handelsblatt reported on Friday. The Saudis are losing patience over Berlin’s foot-dragging on a deal, worth $6.5 billion, to deliver 270 Leopard combat tanks, which is the subject of fierce controversy in Germany. As a result, Riyadh is considering awarding the contract to United States giant General Dynamics.

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