Tawazun Inks Several Agreements at IDEX 2019

26.02.2019 UAE
Tawazun Inks Several Agreements at IDEX 2019

Tawazun Inks Several Agreements at IDEX 2019

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Tawazun Economic Council “Tawazun,” the UAE defense and security industry enabler, has concluded its successful participation in the 14th session of the International Defense Exhibition and Conference (IDEX 2019) which concluded in Abu Dhabi last Thursday.

During the Exhibition, Tawazun launched a new framework of the Tawazun Economic Program through which foreign and local investment is channelled into key sectors of the economy.  The changes are aimed at contributing in the transfer of technologies, attracting foreign capital and empowering national capabilities in UAE, through innovative and diversified solutions provided to enterprises and investors, thus contributing to the achievement of the interests of all parties and in supporting the overall development of the UAE.

In addition, Tawazun Economic Council launched the Defense and Security Development Fund with a capital of AED 2.5 billion ($680 million) to encourage the private sector to invest in the fields of defense and security, contributing to the development of national and technological industries, including SMEs.

Tawazun’s participation in the exhibition involved several signings and collaborative agreements that will contribute to supporting investments of local companies, focusing on modern technologies and innovative solutions that meet the UAE’s strategic needs. Tawazun’s participation fortifies its key role in reaffirming Abu Dhabi's position as a leading hub for defense and security in the region, and developing various types and levels of strategic technologies.

During IDEX 2019, His Excellency Tareq Abdul Raheem Al Hosani (photo), Chief Executive Officer of Tawazun Economic Council, stressed Tawazun’s success in signing several agreements that would advance their efforts aimed at contributing to the achievement of UAE’s strategic objectives in terms of economic diversification, boosting the economy, and elevating national capabilities.

During IDEX 2019, Tawazun Economic Council signed several agreements to empower local projects and small and medium-sized enterprises. The Defense and Security Development invested into Al Marakeb, a company specialized in developing and updating systems of unmanned surface boats, in return for 30%. The Fund also invested AED 460 million (equivalent to EUR 110 million) in the Russian Automotive brand “Aurus”, which specializes in luxurious and armored vehicles. The investment for 36% share capital will be directed towards the development of the company’s manufacturing facilities and capabilities.

The Fund also signed an agreement with Halcon Systems LLC, a company owned by the Abu Dhabi-based Yas Holding Group and specializing in the production of smart missile guidance system. The total funding will reach AED 193 and will be used for setting up production lines and further expanding Halcon’s existing capabilities to cater for local and international market demands.

The Fund, in collaboration with Sandooq Al Watan and Advanced PyroTechnics (APT) launched a specific contest in the field of research and development. The value of the prize money is up to AED 5 million. Similarly, the Fund launched a new program supporting small and medium-sized local private enterprises in the defence and security industries with an investment of AED 200 million aimed at empowering and developing such ventures to ensure their contribution to the economic development in the UAE. The program was a result of a collaboration with “Tawazun Industrial Park”.

Tawazun Economic Program also signed agreements with Thales Group and Atlas Elektroniks to build an underwater training centre in Abu Dhabi. The center will provide professional training on anti-submarine counter attack, and the operation and management of naval minesweepers, in addition to increasing efficiency of the staff supervising operation of marine radar detectors that use ultrasound for detecting underwater objects.

Under the Program’s umbrella, an agreement was signed with Atlas Telecom to launch the first center in the Middle East and North Africa region for maintenance of endoscopes and thermal cameras used in land and sea military activity.

Tawazun Economic Program also announced a partnership with French-based consulting firm Eurotradia International (Eurotradia). The agreement aims to create an aircraft instruments workshop to serve Asia and the GCC and provide a wide-range of capabilities including the repair of vital equipment such as pivot-static instruments, navigation instruments, engine instruments and electrical devices.

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