Abu Dhabi’s Tawazun Economic Council launches $680m defense fund

Author: 
Arab News
ID: 
1550093074451745100
Thu, 2019-02-14 00:26

LONDON: The Abu Dhabi-based Tawazun Economic Council has
launched a $680 million fund to invest in the country’s defense
sector.
Plans for the the Defense and Security Development Fund were
announced ahead of IDEX 2019, the vast biennial military convention
hosted in the UAE’s capital.
Gulf states, including the UAE and Saudi Arabia, are investing
heavily in developing their military industries as part of
wide-ranging economic reforms aimed at reducing reliance on
oil.
Tawazun Economic Council CEO Tareq Abdul Raheem Al-Hosani said that
the fund was established to encourage the private sector to invest
in the defense and security sectors.
It is also in line with government plans to develop public-private
partnerships in the defense sector.
It will focus on technological investment, and safeguarding local
intellectual property, innovation and industry.

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Source: FS – All-News-Economy
Abu Dhabi’s Tawazun Economic Council launches 0m defense fund