Sunday, January 24, 2021

UAE’s Tawazun Economic Council Creates Defence And Security Fund

UAE-based Tawazun Economic Council wants to create a defence and security development fund in the UAE. The Tawazun Economic Council has started a Dh2.5 billion fund to boost investments in defence and security.

After Saudi, UAE Plegdes $3 Billion Support To Pakistan Totalling $6 Billion From The Middle East

The chief executive of Tawazun Economic Council, Tareq Al Hosani emphasised saying, “The Council will set up the fund to support the private sector investments in defence and security and support the development of national and technological industries, including small- and medium-sized enterprises (SMEs)”.

“The Defence and Security Development Fund will play an important role in supporting the private sector to satisfy the strategic needs of the state – through bringing forward innovative solutions”, Hosani added.

Abu Dhabi attempts to create employment and innovation through its defence industry. Abu Dhabi’s strategic investment firm, Mubadala Investment Company has approximately 220 billion dollars assets.

Abdullah Al Jaabari, head of the Defence and Security Development Fund said: “The fund will put emphasis on technology investments and intellectual property to boost innovation, industrial capabilities and the development of SMEs and local companies”.

The fund will soon launch specific financing programmes and will publish the financing duration for each programme. Financing will be based on the strategic importance of a project in the defence and security sector as well as on its economic utility and influence on the local economy. UAE officials are expecting to sign deals exceeding Dh19bn at Abu Dhabi’s International Defence Exhibition to be held next week.

More News at EurAsian Times

Featured

Russia To Supply Pantsir-S1 Air Defense System To Myanmar Amid Warming Ties With India, Japan

As India and Japan are getting closer to Myanmar militarily to counter China, the Southeast Asian nation has not forgotten its old ally Russia....

India, Saudi Arabia Ties ‘Under Duress’ After Riyadh Introduces A New Economic Measure?

Just when India’s coronavirus-battered economy started showing signs of recovery, Saudi Arabia's decision to cut crude oil production does not augur well for the...

​China’s Growing Global Stature As Weapons Producer Threatens Russia’s Export Revenues

China overtook Russia to become the world's No. 2 arms producer between 2015 and 2019, according to data released by the Stockholm International Peace...

Why Anti-Israel Rhetoric Keeps Resurfacing In Pakistan Despite Imran Khan Ruling Out Ties With Jewish State?

Pakistan is witnessing a wide-scale anti-Israel movement led by Maulana Fazlur Rehman of the Jamiat Ulema-e Islam (Fazl), a right-wing Islamist party, which opposes...

Why India’s Ruling Party BJP May Wash Its Hands Of Supreme Court-Monitored NRC Exercise

India’s biggest dilemma vis-à-vis the issue of illegal immigration from Bangladesh is that its all-weather ally Dhaka never acknowledges this as their problem. And...