Tawazun Economic Council, through its recently launched Defense and Security Development Fund recently invested AED 460 million (equivalent to US$ 125.6 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 agreement, signed at IDEX 2019, was attended by His Highness Sheikh Abdullah bin Zayed Al Nahyan, Minister of Foreign Affairs and International Cooperation, as well as His Excellency Jassem Mohamed Al Zaabi, Chairman Abu Dhabi Executive Office; His Excellency Saif Mohamed Al Hajeri, Chairman of Department of Economic Development; His Excellency Denis Valentinovich Manturov, Russian Minister of Trade and Industry; and His Excellency Tareq Abdul Raheem Al Hosani, Chief Executive Officer (CEO) of Tawazun Economic Council.
The agreement was signed by Abdullah Nasser Al Jaabari, Chief Officer and Head of the Defense and Security Development Fund; Sergey Gaysin, Director General of the Central Scientific Research Automobile and Automotive Engine Institute “NAMI”; and Nikolay Sobolev, First Deputy of the CEO of Russian Automotive Gathering, “Sollers”.
Commenting on the occasion, Tareq Abdul Raheem Al Hosani, said: “We are proud of our strategic partnership with the Central Scientific Research Automobile and Automotive Engine Institute “NAMI” in Aurus. We look forward to working together and investing in the company’s manufacturing process to support them in becoming pioneers in the manufacturing of luxurious and armored cars both locally and globally.”
Al Hosani explained that this agreement stems from Tawazun’s commitment to support the UAE’s strategic vision of investing in advanced industries. He added that Tawazun will be working closely with its Russian partner in the development of the brand and promote its products in the UAE and the region.
Al Hosani further highlighted that the Fund has developed several funding mechanisms to local businesses, and remains steadfast in its approach to develop strategic technology investments that would serve the defense and security industry.
Gerhard Hilgert, Chief Executive Officer (CEO) of Aurus, said: “We are delighted to have Tawazun on board as investors. This investment will help us develop our manufacturing lines; enhance and elevate our products; and enable us to access the international market in the years to come. We look forward to working with a strategic and renowned partner, such as Tawazun, as we embark on our journey of developing and promoting our brand in the UAE and the region.”
The Defense and Security Development Fund is a new enabler launched by the Tawazun Economic Council. Tawazun aims to enhance the performance of national private companies operating in the defense and security sectors and enable them to contribute to building a diversified and sustainable national economy. The fund will also be instrumental in meeting the UAE's needs by providing innovative solutions to meet current and future challenges.