Tawazun Economic Council invests Dh460m in Russian armoured vehicles
The UAE body will invest in 36 per cent of Aurus share capital
Tawazun Economic Council, the body tasked with the development of a UAE defence industry, has invested Dh460 million in Russian automotive brand Aurus, which specialises in luxurious and armoured vehicles.
The investments represents 36 per cent of the share capital of the company and will be directed towards the development of the company’s manufacturing facilities and capabilites, Tawazun said on Monday.
The investment is part of the Dh2.5 billion Defence and Security Development Fund recently launched by Tawazun.
“We look forward to working together and investing in the company’s manufacturing process to support them in becoming pioneers in the manufacturing of luxurious and armoured cars both locally and globally,” said Tareq Al Hosani, the chief executive of Tawazun Economic Council.
The agreement was signed during the International Defence Exhibition and Conference (Idex) taking place in Abu Dhabi.
Mr Al Hosani said Tawazun will be working closely with its Russian partner in the development of the brand and promoting its products in the UAE and the region.
“This investment will help us develop our manufacturing lines; enhance and elevate our products; and enable us to access the international market in the years to come,” said Gerhard Hilgert, chief executive of Aurus.
“We look forward to working with a strategic and renowned partner, such as Tawazun, as we embark on our journey of developing and promoting our brand in the UAE and the region.”
Updated: February 18, 2019 07:55 PM