Lockheed Martin Sees Mideast Air Defense Sales Up On Iran Threat

Increased nervousness in the Middle East about Iran's nuclear program is driving sales of air defense equipment to wealthy Gulf Arab countries, a senior executive of U.S. defense contractor Lockheed Martin Corp. (LMT) said Sunday.

Cash-rich Gulf countries, who have enjoyed triple digit oil prices for most of this year, are taking precautions to protect themselves from a "perceived threat" from Iran by bulking up their air missile defense capabilities at a time of global economic turbulence, Joe Garland, vice president for Lockheed Martin Missiles and Fire Control division told Zawya Dow Jones in an interview at the Dubai Air Show.

Lockheed's sales outside of the U.S. in 2010 totaled around $7 billion, of which 30% were in the Middle East.

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