Arab Today, arab today mubadala tawazun and emirates advanced investments sign memorandum of understanding
Last Updated : GMT 12:24:25
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Arab Today, arab today

Mubadala, Tawazun and Emirates advanced investments sign memorandum of understanding

Arab Today, arab today

Arab Today, arab today Mubadala, Tawazun and Emirates advanced investments sign memorandum of understanding

Abu Dhabi - WAM

Mubadala Development Company, Tawazun Holding and Emirates Advanced Investments today signed a Memorandum of Understanding (MoU) expressing their intent to explore the synergy opportunities that could be created by the unification of their defence services businesses. The MoU, signed at the International Exhibition for Security and National Resilience (ISNR) in Abu Dhabi, will form the basis of discussions regarding the creation of a single integrated Abu Dhabi-based defence services platform. Benefits that could be realised from the creation of an integrated platform include economies of scale, supply chain rationalisation and a single point of contact for customers. The creation of an integrated platform would also help to accelerate the development of technological capabilities and drive additional employment opportunities for U.A.E. citizens. Homaid Al Shemmari, CEO, Aerospace and Engineering Services at Mubadala Development Company, commented, "Tawazun, Mubadala and Emirates Advanced Investments currently manage a range of complementary defence services businesses. There is a clear opportunity to combine our related assets to the benefit of the U.A.E.'s wider defence sector as well as our local and international customers. We believe an integrated defence services platform can drive both technological advancement and job creation." Saif Mohamed Al Hajeri, CEO, Tawazun Holding, commented, "Unifying the capabilities of Tawazun, Mubadala and Emirates Advanced Investment Group presents an opportunity to further catalyse the growth of these businesses. All the parties involved stand to benefit from a successful outcome of these discussions." Obeid Al Mansouri, CEO, Emirates Advanced Investments Group, said, "We believe that consolidation of the businesses will deliver benefits to all stakeholders. Each of the businesses has already delivered impressive growth and their unified potential is even greater. These discussions are a clear indication of the potential that will be created by the combined growth of our businesses."

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