ABU DHABI, Sept 20 (Reuters) - The United Arab Emirates is
to make guided weapons systems in Abu Dhabi in a joint venture
with Denel, South Africa's biggest maker of defence equipment,
in the latest push to diversify its economy away from oil.
State-owned investment firm Tawazun Holding said on Thursday
the joint venture will develop, manufacture and integrate guided
systems for conventional air munitions.
The UAE's Air Force will be the first customer of Tawazun
Dynamics, whose facility will be set up in an industrial park on
the outskirts of Abu Dhabi.
Tawazun will own 51 percent of the project with Denel owning
the remainder. Details of the specific product systems will be
announced at the start of 2013. No financial details were given
The project is part of efforts by the UAE's main exporting
emirate to boost the non-oil economy to 56 percent of GDP by
2020 and 64 percent in 2030, from 41 percent in 2005-07. The
OPEC member has invested billions of dollars in aerospace,
tourism, infrastructure and real estate.
"The creation of Tawazun Dynamics marks the next chapter of
Tawazun's continued focus on the development and diversification
of the UAE's industrial base," Tawazun Holding chief executive
Saif Mohamed al Hajeri said.
Tawazun Holding, set up in 2007, signed a joint venture
agreement in August with Algeria to produce up to 200 armoured
vehicles annually starting late 2014.
(Reporting By Stanley Carvalho; Editing by Dan Lalor)
(stanley.carvalho@thomsonreuters.com; Tel: + 9712 6444431)