All data is delayed
See More

SA firm in UAE armoured vehicle venture

Feb 22 2011 16:08
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.



Read Fin24’s Comments Policy 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
Comments have been closed for this article.

Company Snapshot

We're talking about:


With infrastructure spending having been identified as one of the key focus areas of the National Development Plan, tradesmen will continue to play a critical role in growing the South African economy through their skills..

Money Clinic

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

Voting Booth

A 30% a month return on investment is:

Previous results · Suggest a vote