Tuesday, Mar 08, 2016
Abu Dhabi
Emirates Defence Industries Company (Edic) is targeting to complete the merger of several state-owned defence companies “very soon,” chief executive Luv Vigernon said on Tuesday.
“We are half way. We are aiming at completing this long, complex, fruitful process very soon,” Vigernon said speaking on a panel at the Global Aerospace Summit in Abu Dhabi on Tuesday.
Vigernon did not give specific date and later said “the transition phase will last a substantial amount of time.” He also did not say how many companies would eventually come under the Edic umbrella. Vigernon is the former chief executive of Thales, Europe’s largest defence electronics company.
Edic was established in December 2014 as an integrated services and manufacturing business to consolidate Abu Dhabi state-owned defence companies under its umbrella. The development of defence industries is part of the capital’s efforts to diversify its revenue sources away from oil sales.
So far, Edic has taken 16 companies under its umbrella including Tawazun business which makes firearms and also components for the defence and aerospace industries. Edic at present employs 10,000 people, Vigernon said, up from 4,800 according to a November 2015 report.
The company’s main customer is the UAE Armed Forces.
Vigernon said he sees more opportunities for Edic in the aerospace defence industry, including pilot training, aircraft maintenance and in drone sales.
“The unmanned systems [is] where we see more and more needs on the customer side,” he said.
Edic subsidiary, Abu Dhabi Autonomous Systems Investment (Adasi), manufactures drones.
On Monday, the UAE said it was buying eight drones from Adasi for Dh1.327 billion ($361.2 million).
By Alexander Cornwell Staff Reporter
Gulf News 2016. All rights reserved.
