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FINANCIAL NEWS
Abu Dhabi’s Tawazun, Saab establish JV
05 Feb 2013
(MENAFN) Abu Dhabi’s Tawazun group stated that it has inked a partnership deal with Saab, the defense and security company, reported Gulf News.
The strategic investment company focused on defense and strategic manufacturing said that the agreement aims at establishing a joint venture that will be called Abu Dhabi Advanced Radar Systems (ADARS).
Tawazun, owned by the Government of Abu Dhabi, will hold a 51-percent stake in the new company, whereas Saab will own the remaining 49 percent.
It is worth noting that ADARS is the first facility for the development, manufacture, assembly and integration of radar systems in the Middle East.
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