According to a report in Bild, Qatar's sovereign wealth fund is vetoing a deal between Volkswagen's Wolfsburg plant and Israel's Rafael to produce components for the Iron Dome air defense system, putting the plant and hundreds of jobs at risk, N12 reports.
A report in Bild, cited by N12, reveals that Qatar's sovereign wealth fund — the third-largest shareholder in Volkswagen — is blocking a deal between the automaker's flagship plant in Wolfsburg and Israel's Rafael Advanced Defense Systems. The deal would have seen the plant produce components for the Iron Dome missile defense system. The veto reportedly places the factory at risk of closure and threatens hundreds of jobs. Volkswagen has been facing significant financial difficulties in recent months, with reports of planned job cuts and factory closures, though this report adds a geopolitical dimension linked to Qatar's stake and its opposition to Israeli defense cooperation.
2 developments
- DevelopingQatari Volkswagen shareholders cancel Iron Dome interceptor contract with Rafael, angering Germany
- StrongLower Saxony plans €200M investment to bypass Qatari block on Iron Dome production, reports say
- StrongDespite Qatari veto, agreement signed for Iron Dome component production at Volkswagen plant in Germany
- StrongReport: Israel to set up factory in India for large-scale, low-cost Iron Dome interceptor production
Source and signal
- Open-source intake