RTX Corporation signs MoU to develop gallium extraction capabilities in UAE

From Yahoo Finance: 2025-05-18 10:41:00

RTX Corporation (NYSE:RTX) has signed an MoU with Tawazun Council and Emirates Global Aluminium to develop gallium extraction capabilities in Abu Dhabi. This move aims to make the UAE the second-largest producer of gallium, a critical element used in various industries. RTX’s shares have surged by 17% year-to-date.

The agreement is expected to secure access to gallium for companies like RTX Corporation. Paolo Dal Cin, Senior VP at RTX, emphasized the importance of stable access to rare earth elements for aerospace and defense solutions. RTX has been expanding its presence in the UAE, following a recent strategic agreement.

RTX Corporation (NYSE:RTX) is focusing on gallium production in the UAE to meet the growing demand for critical elements. The company’s shares have seen a 17% increase this year, driven by positive developments and defense contract wins. RTX continues to strengthen its position in the market with strategic partnerships and agreements.

Read more: RTX Corporation (RTX) Expands UAE Footprint with Gallium Production Project