Loading...
See More

SA firm in UAE armoured vehicle venture

Feb 22 2011 16:08 Reuters

Related Articles

Sisulu unveils defence sponsors

Defence blows R1bn on irregular spending

Police, army equity targets contradictory

UASA demands Denel Saab probe

Denel works on Turkey ties

State entities fail on equity: SAIRR

 
Abu Dhabi  - The United Arab Emirates (UAE) plans to make armoured vehicles in the Gulf Arab state in a joint venture with South African defence firm Paramount, an executive said on Tuesday.

The project between Paramount and Abu Dhabi's International Golden Group will have an initial $100m investment, said Paramount executive chairperson Ivor Ichikowitz.

Production in the UAE may start as early as 2013, he said. Paramount will hold a 50% stake in the business.

"The joint venture will see a full technology transfer and manufacturing facilities in the UAE," he told Reuters on the sidelines of a defence exposition.

"The full-scale production will involve an initial investment of $100m plus indigenisation of design suitable for the Middle East region."

The UAE is investing heavily in building a local defence industry through partnerships with international companies.
uae
NEXT ON FIN24X

 

Lastest Articles

Top tips to save money over the festive period Read More...
These are the top 5 most fuel efficient cars in SA Read More...
What to consider when switching medical aid schemes Read More...
Energy saving tips that'll save you money, too Read More...
 
 

Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
1 comment
Add your comment
Comment 0 characters remaining
 

Company Snapshot

We're talking about:

Small Business

Retailers of any shape and size can now unlock the power of mobile transacting.
 

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...
Loading...