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UPDATE 1-EADS, Thales win $1.66 bln Abu Dhabi satellite deal

Wed Aug 8, 2007 6:04am EDT

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(Adds comment from COO explaining contract price)

ABU DHABI, Aug 8 (Reuters) - European aerospace group EADS (EAD.PA) and France's Thales (TCFP.PA) won a $1.66 billion contract to build and launch two satellites for Abu Dhabi of the United Arab Emirates, an Abu Dhabi official said on Wednesday.

EADS and Thales Alenia Space, a Thales controlled venture with Italy's Finmeccanica (SIFI.MI), will launch the first satellite in 2010, Waleed al-Mokarrab al-Muhairi, chief operating officer of Abu Dhabi government investment agency Mubadala Development Co., told reporters in Abu Dhabi.

The value of the contract exceeds the $1.36 billion Mubadala announced in May when it selected the European group, because of "further optimisation of the system," Muhairi told Reuters, without being more specific. [nL21501361]

EADS and Thales beat out Boeing Co. (BA.N) to the contract.

BNP Paribas (BNPP.PA) will lead arrange a loan to cover 65 percent of the cost of the project, or $1.08 billion, Muhairi said.

((Reporting by Stanley Carvalho, editing by Rory Channing; Gulf newsroom + 971 4 391 8301; james.cordahi@reuters.com; dubai.newsroom@reuters.com)) Keywords: EADS SATELLITE/CONTRACT

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