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 defense ‌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.

It 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 IDF’s military edge ten years from now and beyond," said ministry director general Amir Baram, referring to the Israel Defense Forces.

The recent war with Iran "reinforced just how critical the U.S.-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.

In December, Boeing was given an $8.6 billion 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 finalizing the agreements with the U.S. government and military counterparts.

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

Defense Minister Israel Katz said the Iranian 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.

Israeli aircraft have also attacked Iranian-backed Hamas militants in Gaza and Hezbollah militants in Lebanon, since the October 7, 2023 Hamas attacks on Israel.

Katz said the new aircraft ‌would lead to ​a significant technological leap in integrating ‌autonomous flight capabilities, next-generation defense 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."

($1 = 2.9384 shekels)