Israeli Firms Near €150 Million Naval Deal with Cyprus

by · Greek City Times

Israel Shipyards and Rafael close to government-to-government agreement for vessels and advanced weapons system

Israeli companies Israel Shipyards and Rafael Advanced Defense Systems are reportedly close to securing a €150 million government-to-government agreement to supply naval vessels and weapon systems to Cyprus, according to a report in the Israeli financial outlet Calcalist.

The deal, expected to be signed in the coming weeks once terms are finalised between the defence ministries of Israel and Cyprus, would see Israel Shipyards provide vessels to the Cypriot National Guard’s naval command, equipped with Rafael weapon systems. Neither the Cypriot nor Israeli defence ministry has publicly confirmed the procurement, and both companies declined to comment. Cypriot defence sources told Cyprus Mail that an agreement exists for the purchase of a patrol vessel from Israel, noting long-established defence cooperation.

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The reported package builds on previous collaboration. Less than a decade ago, Israel Shipyards supplied Cyprus with a 62-metre offshore patrol vessel for EEZ protection, fitted with radar, command-and-control systems and two Typhoon naval weapon stations. The new agreement is framed as a further expansion of defence ties between Nicosia and Tel Aviv amid regional maritime security priorities in the Eastern Mediterranean.

Details on the number or type of vessels, specific armaments and delivery timeline were not disclosed in the Calcalist report. Israel Shipyards shares rose on the Tel Aviv exchange following the news. The development comes as Israeli defence firms expand activity in Europe, including recent agreements involving Greece.

Sources: Calcalist, Cyprus Mail, Globes (20 October 2026).

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