UAE’s Tawazun takes 50 percent share in Russia's VR Technologies

Visitors watch the air display performance during the first day of Dubai Air Show. (File photo: Reuters)

Tawazun Economic Council, the United Arab Emirate’s defense and security industry enabler, said on Monday that it will take a 50 percent stake in VR Technologies, a unit of Russian Helicopters.

Both companies will invest 400 million euros ($442.6 million). Tawazun will also get equal representation on the board of VR Technologies.

Tawazun is taking the stake through the Tawazun Defense Security & Development Fund.

The move, which comes as the UAE looks to up its investments in advanced defense industries, was announced at the Dubai Air Show.

“This agreement stems from the Fund’s commitment to support the UAE’s strategic vision of investing in advanced industries and transferring relevant technologies,” Abdullah Nasser Al Jaabari, Chief Officer and Head of Tawazun Strategic Development Fund said in a statement.

At the Dubai Air show, Abu Dhabi’s Etihad Group signed a deal with Boeing to “share knowledge, experience and resources” to improve the Boeing 787 Dreamliner.

Dreamliners comprise more than a third of Etihad’s current fleet.

The agreement will be underpinned by commercial and technical agreements valued at about $215 million, Etihad said in a statement.

The Tawazun Economic Council is responsible for development of the defense and security industry in the UAE. It also focuses on strategic technology development and supports small and medium enterprises (SMEs) in the private sector to boost industrial capabilities across the Emirates.

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Last Update: Wednesday, 20 May 2020 KSA 09:53 - GMT 06:53
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