India, Sept. 1 -- Israel signed a multi-billion-dollar weapons deal with Greece, the largest between the two Mediterranean countries, as Israeli defence exports soar.

Israel's Defence Ministry said Monday the nearly 3 billion Euro ($3.5 billion) defence export deal, coined Achilles Shield, is one of the country's largest and includes a multilayered air defence system for Greece using Israeli technology.

"Israel and Greece share common strategic interests and face shared regional challenges. At a time when actors with hegemonic ambitions are seeking to expand their influence and undermine stability in the region," said Defence Minister Israel Katz. The agreement comes as Israeli weapons exports have reached record highs with more than $1...