UAE’s Tawazun takes 50pc stake in Russia’s VR Technologies
Tawazun, the United Arab Emirates’ defence and security industry development arm, is taking a 50 per cent stake in VR Technologies, a unit of Russian Helicopters, the two companies said on Monday. The announcement was made at the biennial Dubai Air Show as the UAE seeks to invest in advanced defence industries as part of a diversification strategy.
Both companies will be investing 400 million euros ($442.60 million), a statement from Russian Helicopters said. The agreement, which was signed by the director-general of Russian Helicopters, Andrey Boginsky, and the director-general of Tawazun, Tareq Abdul Raheem Al Hosani, gives Tawazun equal representation on the board of VR Technologies.
The joint venture may establish an assembly line in the UAE for the VRT-500 helicopter, a light helicopter which is currently under development, Boginsky said. Tawazun is taking the stake in VR Technologies through the Tawazun Defence Security & Development Fund.
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