Abu Dhabi, UAE:  Tawazun Economic Council, through one of its key drivers - Tawazun Economic Program (that recently launched a new policy) – recently attracted two giants to the defense and security industry in the UAE.  Tawazun’s announcement of Saab and Thales establishing individual wholly owned subsidiaries in the UAE complement the Launch of Raytheon Emirates earlier last year. Two separate agreements were signed in Abu Dhabi that support each company’s establishment.

The agreements stem from Tawazun’s commitment to elevate the defense and security sector in the UAE and to attract foreign capital. Tawazun promotes the transfer of modern and advanced technologies through offering packages that facilitate and incentivize foreign key players in the industry.

The agreements were signed at IDEX 2019 by Matar Ali Al Romaithi, Chief Economic Development Officer of Tawazun Economic Council; Håkan Buskhe, President and Chief Executive Officer Saab; and Mr. Bernard Roux, Chief Executive Officer Thales Group UAE, in presence of His Excellency Tareq Abdulraheem Al Hosani, Chief Executive Officer of Tawazun Economic Council, and officials from the concerned authorities.  According to the agreements, the two new companies will be completely owned (respectively and separately) by Saab and Thales Group.

Commenting on the occasion, His Excellency Tareq Abdulraheem Al Hosani, Chief Executive Officer of Tawazun Economic Council, said: “The signing ceremonies that took place mark an important step for us as we continue to enable the defense and security industry in the UAE, and contribute to its sustainable development. We will work closely with our strategic partners to enhance the investment environment and to attract more foreign capital to the defense and security sector.”

“Abu Dhabi enjoys competitive advantages that reaffirm its position as a hub for defense and security in the region. Its strategic geographical location, sufficient energy sources, robust infrastructure, and existence of transparent investment laws are testament to that.” he added.

Al Hosani anticipates that Saab and Thales will have a positive and constructive impact on the development plans in the UAE. He confirmed that these two companies will accelerate the development of state-of-the-art technologies in the local market; create jobs for Emiratis in the technical sector; as well as contribute to the development of scientific research through their partnerships with various educational institutions across the country.

Commenting on the occasion, Matar Ali Al Romaithi, Chief Economic Development Officer, Economic Development at Tawazun Economic Council, said: “The various options offered by the Tawazun Economic Program to foreign companies will encourage them to make the UAE a preferred investment destination. The UAE is characterized by its various competitive advantages including: economic and political stability; robust infrastructure; and facilitated procedures and processes, making it a competitive investment destination.”

Al Romaithi stressed that the presence of key defense companies in the UAE will contribute towards, and will have a strong, positive impact on the sustainable development of the field.

Håkan Buskhe, President and CEO of Saab, said:  “The agreement today is very important to Saab’s work in developing an indigenous industrial capability in the UAE, which will support our common vision of a technology company designing and producing solutions with a global market in mind. I am delighted to be here at IDEX with Tawazun to sign this agreement as the latest milestone in establishing that business, and to the development of a world-class emirate defense and security industry”.

Pascale Sourisse, Senior Executive Vice-President Thales International Development said:  ”The UAE is at the forefront of Thales’s digital ambitions. For this reason, the launch of Thales Emarat Technologies is an important milestone for us. It enables Thales to further its contribution to the United Arab Emirates in the development of their sovereign capabilities. This new entity will foster a highly skilled local workforce able to innovate and differentiate in a globalized economy.”

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About Tawazun Economic Council

Tawazun Economic Council was founded in 1992 to fulfil a vision of comprehensive and sustainable economic and social development within the UAE.Since its establishment, the Council enabled creation of more than 90 companies and investment vehicles, covering 11 sectors, including defense manufacturing. These companies play a vital role in boosting economic growth in the UAE.

The Council envisions maximizing economic benefits by providing the needed inputs for the industrial development, supervising relevant acquisition programs, driving necessary industry regulations and contribution to economic diversification. It also targets contribution to enhancing UAE’s industrial stature, to achieving a robust knowledge-based economy and to boosting the flow of Foreign Direct Investments.

© Press Release 2019

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