Earlier on Monday, Palestinian media reported that an IDF vessel fired two shells near a fishing boat off the coast of the Gaza Strip.
The addition of the drones could pose a threat to ships in the Persian Gulf.
The three countries held similar naval drills in the Indian Ocean in December 2019.
The cause behind the vessel's sinking has never been determined.
The Makran is now Iran’s largest ship. Video shows four helicopters operating from it.
Contract will be performed over a 12-year period.
Iran says its navy and IRGC naval units are at the peak of their abilities.
The exercises will also feature China's Type 075 amphibious assault ship.
IDF Chief of Staff Lt.-Gen. Aviv Kochavi: "This is a holiday for the State of Israel, the IDF and the Navy."