ABU DHABI (Reuters) -- European aerospace group EADS and France's Thales 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, 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 dollars Mubadala announced that in May when it selected the European group, because of ""further optimization of the system,"" Muhairi told Reuters, without being more specific.
EADS and Thales beat out Boeing Co. to the contract.
BNP Paribas will lead arrange a loan to cover 65 percent of the cost of the project, or 1.08 billion dollars, Muhairi said