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FINANCIAL NEWS
UAE’s Tawazun, S Africa’s Denel to set up weapons systems JV
21 Sep 2012
(MENAFN) Tawazun Holding chief executive, Saif Mohamed al Hajeri, stated that the Abu Dhabi-owned investment company will establish guided weapons systems in the emirate with collaboration with South Africa’s Denel, reported Arabian Business.
Al Hajeri said that the joint venture with the biggest manufacturer of defense equipment in South Africa is formed to develop, make and integrate guided systems for conventional air weapons.
The UAE firm will hold a 51-percent stake in the project, which is part of the emirate’s efforts to expand the non-oil economy to 56 percent of gross domestic product (GDP) by 2020 and 64 percent in 2030, from 41 percent in 2005-07, whereas Denel will own the rest.
It is worth noting that the UAE’s Air Force will be Tawazun Dynamics’ first customer. The project’s facility will be located in an industrial park on the outskirts of the UAE capital.
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