Tawazun Economic Council has announced the launch of the Defence and Security Development Fund with a capital of AED 2.5 billion, or US$ 680 million. The Fund, which will be used to enhance the defence and security sector of the United Arab Emirates, will unveil key financing and investment programs at IDEX 2019.
The Fund was established in order to encourage the private sector to invest in the fields of defence and security, and contribute to the development of national and technological industries, said Tareq Abdul Raheem Al Hosani, Chief Executive Officer of Tawazun Economic Council.
The launch of the Fund stems from the vision of Sheikh Khalifa Bin Zayed Al Nahyan, President of the United Arab Emirates, and the directives of Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces.
The Defence and Security Fund will play a vital role in supporting the private sector to meet the strategic needs of the state – through bringing forward innovative solutions to meet the current and future challenges for the development of the defence and security sector, said Al Hosani.
The fund will help enable and develop non-oil economic sectors as well as support the national economy, said Saif Mohammed Al Hajeri, Chairman of the Department of Economic Development. He added that the launch of a fund dedicated to the development of defence and security industries is aligned with the Accelerators Programme, “Ghadan 21”, by the Abu Dhabi Government.
The Fund will focus on three main areas including: strategic technology investments and intellectual property; strengthening innovation & industrial capabilities; and development of SMEs and local companies, said Abdullah Nasser Al Jaabari, Chief officer and Head of Defence and Security Development Fund. The Fund operates a two-pronged approach model, through investment and financing. He further stated that the Fund will launch specialized financing programs in the last quarter of the year.
“We have ambitious strategic plans that meet the technical needs of strategic partners in the next five years and have therefore started working on our pilot projects in 2018,” said Al Jaabari. “At IDEX 2019, we will be announcing a few of our quality projects that aim to reaffirm the UAE’s position in intellectual property and franchises, especially in the technology sector.
The Philippine Navy (PN) is in the process of reviving the country’s naval shipbuilding industry, said the service’s spokesperson WPS…
AirAsia marks the beginning of the airline's first flight from Ahmedabad, India, to Kuala Lumpur, Malaysia, enhancing air links between…
BlueHalo and Kraken Technology Group are partnering to integrate BlueHalo’s Artificial Intelligence and Machine Learning (AI/ML)-backed autonomous mission systems into…
8tree’s dentCHECK inspection tool, developed for and used within the MRO sector for dent-mapping, is now being utilized at Boeing’s…
Hensoldt UK has been chosen by Navantia UK to provide key systems for the UK Royal Fleet Auxiliary’s (RFA) three…
Embraer delivered its 1800th E-Jet aircraft with the handover of third E190-E2 to Royal Jordanian Airlines at Embraer’s facility in…
Havelsan, a Turkiye software and systems company, has attained the European Union Aviation Safety Agency (EASA) Level D certification for…
ST Engineering Marine Ltd, a subsidiary of ST Engineering, has secured a contract with the Singapore Ministry of Defence for…
Airbus Helicopters has secured a contract with Brunei's Ministry of Defence for the procurement of six H145M helicopters. “We are…
Following the official launch last March, AirAsia Cambodia flew its inaugural domestic flight today, marking a major step in the…
Global passenger demand, measured in revenue passenger kilometers (RPKs), was up 13.8% in March this year compared to the same…
Exel Composites, a Finnish composites manufacturer, announced a collaboration with French airship designer and operator Flying Whales. The partnership aims…
Pratt & Whitney Canada (P&WC) and the state-owned airline of Angola, TAAG Angola Airlines E.P., have entered a six-year agreement…
Indonesia’s Ruang volcano erupted again on Tuesday (Apr. 30), leading to the cancellation of flights and closure of airports in…
Defense Technology Institute (DTI) Thailand has delivered two prototypes of the 105mm light howitzer CS/AH2 to the Artillery Battalion, Artillery…
Airbus has announced the launch of the Pléiades Neo Next programme, aimed at bolstering its high-resolution Earth observation satellite constellation,…
Eve Air Mobility joins Japan’s Advanced Air Mobility (AAM) Public-Private Committee, as announced by the company’s press release on Tuesday…
ACIA Aero Leasing, headquartered in Dublin, Ireland, announced the successful delivery of one of two ATR 72-500 Bulk Freighters to…
One TPS-P14ME Mobile Air Surveillance Radar System from Japan was officially handed over to the Philippines Air Force (PAF). The…
Skyllence, an international air charter broker, announced the appointment of Kestutis Abarius as Head of Sales on Monday (Apr. 29).…
Qatar Airways and the United Nations High Commissioner for Refugees (UNHCR) have reaffirmed their commitment to aiding the most vulnerable…
The Philippines Coast Guard (PCG) is set to acquire an additional five Multi-Role Response Vessels (MRRVs) from Japan. These vessels…
Korean Air is set to open a new daily route connecting Seoul Incheon with Macau starting 1 July 2024, as…
Qatar Airways Cargo announced the opening of its advanced Animal Centre and the relaunching of its Next Generation Live product…
All Nippon Airways (ANA) and Air India, India's national flag carrier, have established a commercial agreement to initiate a codeshare…
Saab has completed the delivery of another GlobalEye Airborne Early Warning and Control (AEW&C) aircraft to the United Arab Emirates…
In what seems to be a continuation of Vietnam’s Defence Minister General Phan Van Giang's visit to South Korea in…
GD Helicopter Finance (GDHF), a Dublin-based helicopter leasing and finance company, has secured a contract with Airbus Helicopters and GDAT,…
Indian Low-Cost Carrier (LCC) IndiGo has announced a firm order for 30 Airbus A350-900 aircraft in what is its first…
Racer demonstrator, developed by Airbus Helicopters as part of the European Research Clean Sky 2 initiative, has completed its inaugural…
Headquartered in Singapore with reporters spread across all major regions, GBP Aerospace & Defence is a leading media house that publishes three publications that serve the aerospace and defence sector - Asian Defence Technology, Asian Airlines & Aerospace and Daily News. Known industry-wide for quality journalism, GBP Aerospace & Defence is present at more international tradeshows and exhibitions than any other competing publication in the region.
For over three decades, our award-winning team of reporters has been producing top-notch content to help readers stay abreast of the latest developements in the field of commercial aviation, MRO, defence, and Space.
Copyright 2024. GBP. All Rights Reserved.
Home Defence & Security Space Commercial Aviation Maintence Repair & Overhaul Daily News Events About Us
2024 GBP all rights reserved.