Israel gave final approval for a plan to purchase two new combat squadrons of F-35 and F-15IA advanced fighter aircraft from Lockheed Martin and Boeing in a deal worth tens of billions of dollars, the defence ministry said on Sunday.

The deal, approved by Israel’s Ministerial Committee on Procurement, is a first step in a 350 billion shekel ($119 billion) plan to bolster Israel’s military and “strengthen readiness ahead of a demanding decade for Israeli security,” it said.

Prime Minister Benjamin Netanyahu said much of this expanded defence budget will be to produce munitions in Israel and not be dependent on foreign countries. Israel, he noted, will also develop “groundbreaking” aircraft.

The ministry added that the new squadrons will serve as a cornerstone of the military’s long-term force development, addressing regional threats and preserving Israel’s strategic air superiority.

“Alongside immediate wartime procurement needs, we have a responsibility to act now to secure the Israeli Defence Forces’ military edge ten years from now and beyond,” said ministry Director General Amir Baram.

The recent US-Israeli war on Iran “reinforced just how critical the US-Israel strategic relationship is, and how essential advanced air power remains,” he added.

Under the deal, Israel would buy a fourth F-35 squadron from Lockheed Martin and a second squadron of F-15IA fighter jets from Boeing.

“Israel is stronger than ever, and Israel must always be much stronger than our enemies,” Netanyahu said. “These aircraft strengthen Israel’s overwhelming air superiority.”

In December, Boeing was given an $8.6bn contract for Israel, including 25 new F-15IAs and an option for 25 more.

Baram said the next step would be to move forward with finalising the agreements with the US government and military counterparts.

The US and Israel launched airstrikes on Iran on February 28, but a ceasefire has been in place since April 8. The US Navy maintains a blockade of Iranian ports.

Defence Minister Israel Katz said the conflict demonstrated the air force’s power and its decisive role in protecting Israel.

“The lessons of that campaign require us to keep pressing forward on force buildup, to ensure air superiority for decades to come,” he said.

Katz said the new aircraft would lead to a significant technological leap in integrating autonomous flight capabilities, next-generation defence systems, and establishing Israeli military dominance in space.

“Our mission is clear: to ensure the IDF has the tools, capabilities, and strength to operate anywhere, at any time,” Katz said. “We will continue to invest, to grow stronger, and to stay ahead of our enemies - to keep Israel secure today and in the future.”