SA firm in UAE armoured vehicle venture
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.