Tawazun Economic Programme Adds Fourth Company Hanwha To Its Roster
Mohammad Ali (@ChaudhryMAli88) Published November 18, 2019 | 04:30 PM
ABU DHABI, (UrduPoint / Pakistan Point News / WAM - 18th Nov, 2019) Tawazun Economic Council, through one of its key drivers, the Tawazun Economic Programme, which revealed its new policy during the International Defence Exhibition and Conference earlier this year, successfully announced the establishment of the first foreign subsidiary for the Hanwha Group in Abu Dhabi.
The agreement was signed today in the Tawazun Chalet at the 2019 Dubai Airshow by Matar Ali Al Romaithi, Chief Economic Development Officer at Tawazun, and Sungsoo Lee, CEO of Hanwha Defence International and Hanwha Defence Systems, in the presence of official delegates from both parties.
Under the umbrella of the programme, the establishment of Hanwha complements the programme’s commitment to attracting foreign direct investment, supports technological innovation in the defence and security sector, and enables the creation of job opportunities for Emirati nationals.
Hanwha joins Raytheon, Swedish company, Saab, and the French Thales, as the fourth global defence giant to be established under the Tawazun Economic Programme’s roster, opening operations in Abu Dhabi.
Al Hosani said, "This signing marks an important step for Tawazun as we continue to embark on new ventures that further enable a sustainable and robust security and defence industry in the UAE.
A core pillar of the Tawazun Economic Programme is to enhance the UAE’s capability to attract foreign direct investments and this agreement is a testament to that commitment."
Al Romaithi said, "The Tawazun Economic Programme was designed to attract foreign capital through long-term partnerships with global defence and security entities. The establishment of these global entities is a testament to Abu Dhabi’s position as a prime global investment hub, most importantly, due to its political safety and security, advanced infrastructure, simple procedures, transparent laws, and other numerous advantages. With the addition of Hanwha, the programme successfully supports Abu Dhabi’s plans to further build and boost its non-oil economy."
"We are delighted to announce our newly established entity in Abu Dhabi. We have a joint vision with Tawazun to contribute to the UAE’s defence industry, national security and economy. We aim to contribute to the development of an industrial ecosystem, as well as facilitate knowledge transfer to further enable UAE engineers and the creation of domestic industrial capabilities," Lee added.
Recent Stories
UHS to issue MBBS degrees within three months after final result
Aiman Khan granted UAE Golden Visa
PSX achieves significant milestone, surpasses 72,000 mark
Pak Vs NZ T20I: Orphaned children extended special invitation to watch match
Finance Minister lauds UNDP’s unwavering support during floods
President Raisi leaves for Iran from Karachi
Currency Rate In Pakistan - Dollar, Euro, Pound, Riyal Rates On 24 April 2024
Today Gold Rate in Pakistan 24 April 2024
Punjab CM inaugurates Pakistan’s first Virtual Women Police Station
Dutch model Donny Roelvink embraces Islam
Experts raise concerns over introduction of 10-stick packs
Iranian president arrives in Karachi
More Stories From Middle East
-
UAE announces ‘Zero Bureaucracy Program’ to reduce bureaucracy
3 months ago -
COP28 President-Designate welcomes Transitional Committee agreement to operationalise Loss and Damag ..
6 months ago -
Global Media Congress 2023 to feature Co-Production Majlis as a new networking platform
6 months ago -
Young female athletes shine at Abu Dhabi World Youth Jiu-Jitsu Championship
6 months ago -
King of Jordan receives Abdullah bin Zayed and ministers participating in Arab coordination meeting
6 months ago -
Abdullah bin Zayed participates in coordination meeting of Arab foreign ministers, joint meeting wit ..
6 months ago
-
3rd annual conference of Emirates Society of Clinical Microbiology kicks off in Dubai
6 months ago -
SIBF 2023 hosts Nobel laureate to discuss emergence of ‘Afrofuturism’ in global discourse
6 months ago -
ALC announces winners of Kanz Al Jeel Award 2023
6 months ago -
SIBF turns spotlight on remarkable contributions of women
6 months ago -
Global assets in spot bitcoin ETFs hit $4.16 billion
6 months ago -
Rescuers struggle to find Nepal quake survivors as deaths reach 157
6 months ago