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.
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.
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