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New F-16's are probably a safe bet for any air force. A tried and tested aircraft, with the upshot of having new airframes and avionics? What more could you want? It would appear to be a solid investment, and as you say, B-S, far cheaper than an F-22!
None of these airframes are particularly up-to-date, although i cannot provide the state of avionics or weapons in these aircraft. However, i would think that new F16-i's would be able to cope in combat against any of these aircraft.
SYRIA: A range of SU- and MiG- aircraft are operated by Syria.
EGYPT: A range of Dassault and F-series fighter aircraft make Egypt a potent force in the middle east, as well as a smattering of MiG aircraft. Not able to locate any authority on the web for the Air Force, but i think that Egypt would probably be the hardest opposition for Israel.
Haven't included Helicopters in this, obviously. As can be seen, the hardest competition for Israel comes in the form of Egypt and Jordan, in my opinion. Obviously, my military knowledge is limited, but any comments or corrections are welcome. I think that, as well as the rest of Israels airforce, Israel is a potent air power in the middle east.
And i agree, Gravelbelly, two engines would be most welcome in a coastal countries airforce. However, any idea of the F-16's safety record? I certainly haven't heard of any major incidents.