Israel has approved a final plan to acquire two new combat squadrons of advanced F-35 and F-15IA fighter jets from Lockheed Martin and Boeing in a deal worth tens of billions of dollars, its 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 10 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 Feb. 28, but a cease-fire has been in place since April 8. The U.S. Navy maintains a blockade of Iranian ports.

Israel's Defense Minister Israel Katz said the Iranian ​conflict demonstrated what he said was 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.

In recent years, Israel has expanded attacks across the region, starting from its offensive in Gaza to the current campaign targeting Lebanon.

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."