Israel's Military Procurement Ministerial Committee has approved the acquisition of several defence assets, including the next-generation Reshef missile ships for the Israeli Navy, according to the Israel Ministry of Defense’s (IMOD) Facebook post.

This decision follows interim recommendations from the Nagel Committee, which was established to examine the defence budget and force buildup.

Following the events of 7 October 2023 when the Israel-Hamas War began between Israel and Palestinian militants, and the ongoing conflict, the Nagel Committee was established to review defence acquisitions and force buildup.

According to a GlobalData report, Israel's defence budget, including US aid, is projected to grow at a compound annual growth rate (CAGR) of more than 2% from 2024 to 2028.

Under the latest agreement, the IMOD will acquire five advanced Reshef missile ships from Israel Shipyards.  

Israel Shipyards is said to have been the first in the Western world to design and build a fast-attack missile boat, the Reshef Class SAAR 4, in the late 1960s.  

In 2019, the company was tasked by the IMOD and the Israeli Navy to design the latter's Reshef class vessel.

The latest vessels will replace the Nirit Sa'ar 4.5-class missile ships after four decades of service.

The domestic production of these new vessels is expected to employ hundreds of workers in Israel.

Additionally, the committee has approved the procurement of hundreds of new joint light tactical vehicles (JLTVs) to be supplied to the manoeuvring forces of the IDF [Israeli Defence Forces].

These armoured combat vehicles will enhance the mobility and operational capabilities of the forces in the coming years. 

The approved projects will now be submitted to the Knesset’s Joint Committee for the Defence Budget for further approval.  

Once approved, the IMOD will proceed with finalising the procurements. 

In addition, Israel recently signed a deal in June to procure 25 F-35 fighter jets from US defence company Lockheed Martin.