The two countries signed the Achilles Shield agreement Monday, valued at €3 billion ($3.5 billion). The program will provide Greece with defenses based entirely on Israeli-made systems and informed by Israel's defense establishment's operational know-how. Greece is set to procure David's Sling and SPYDER interceptors from Rafael Advanced Defense Systems and the BARAK MX system from Israel Aerospace Industries. Rafael will also deliver a national command-and-control system to integrate the new assets.
After a signing ceremony in Tel Aviv, Israeli Defense Minister Israel Katz said, "Israel and Greece share common strategic interests and face shared regional challenges," adding that the countries will deepen their defense and strategic cooperation amid attempts by regional actors to expand influence and disrupt stability. Greek Defense Minister Nikos Dendias said in a statement, "We are in an era of radical changes," and, "Modern conflicts have already altered the parameters of military defense and deterrence." This ranks among Israel's biggest deals ever. Israel and Greece have maintained a longstanding alliance, and since Hamas's October 2023 attack on Israel triggered the war in Gaza, their relationship has grown even closer.
The agreement comes amid worsening Israel-Turkey ties, and Ankara has signed what is called the Mecca Defense Agreement, a pact with Pakistan and Saudi Arabia. On Monday, Istanbul will host the inaugural meeting of the pact's strategic political and defense committee. In addition, a €26 million supplementary deal was agreed under which Greece will purchase Rafael's Drone Dome systems to safeguard strategic locations against unmanned aircraft and reinforce its current defenses.
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The headline order is €3 billion with a €26 million add-on, centered on Rafael Advanced Defense Systems and Israel Aerospace Industries. For investors tracking defense suppliers, these are sizable, named contracts that could influence revenue pipelines tied to Israel-Greece security cooperation.
