5 April 2014
Mubadala Development Company, Tawazun Holding and Emirates Advanced Investments (EAI) have signed a Memorandum of Understanding (MoU) to unify their defence services businesses. “We believe that consolidation of the businesses will deliver benefits to all stakeholders,” stated Obeid Al Mansouri, chief executive officer, Emirates Advanced Investments Group.
The MoU was signed on Thursday and expresses the three companies’ “intent to explore the synergy opportunities” their defence services. The MoU, signed at the International Exhibition for Security and National Resilience (ISNR) in Abu Dhabi, forms the basis of discussions regarding the creation of a single integrated Abu Dhabi-based defence services platform.
The companies will now explore the benefits of an integrated platform including economies of scale, supply chain rationalisation and a single point of contact for customers.
“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 UAE’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,” stated Homaid Al Shemmari, Mubadala Aerospace CEO.