Strategic Development Fund (SDF), the investment arm of Tawazun Economic Council, has signed an agreement with EOS Defence Systems, Australia’s leading defence and technology companies, to set up a joint venture firm with equal partnership, that would design and develop a new multi-platform Light-Weight 14.5 x 114 mm Chain Driven Machine Gun in the UAE.
The JV, with the involvement of international and local engineering and designing expertise, will utilize the latest technologies in design and manufacturing to provide to the market a superior Weapon System compared to the existing conventional 14.5 x 114 mm products.
The new weapon system will provide lighter weight, improved accuracy, lower stoppage, reduced recoil and enhanced logistic support.
On the new venture, Tareq Abdulraheem Al Hosani, Tawazun CEO and Chairman of SDF, said: "This agreement stems from SDF’s commitment to support the development of the UAE’s strategic industries and contribute to the UAE economy through our developmental investment partnership module."
"It is our pleasure to partner with EOS, one of Australia’s leading defense and technology companies, and we look forward to an ongoing relationship that will be of benefit to both parties," he stated.
CEO Abdulla Naser Al Jaabari said this agreement paves the way for the JV to set up production in the UAE that targets to supply the global market.
SDF's strategy is to collaborate with UAE national companies with existing capabilities to support the development and manufacturing of the new weapon system and localize its supply chain, said its top official.
"We are positive that the need for such an innovative design and solution will result in an economically viable business, we have displayed the product in IDEX 2021 and we have been receiving high interest from potential customers in the region," added Al Jaabari.
EOS is a leading defence technology company that specialises in weapon systems integration, as well as ISR (Intelligence, Surveillance and Reconnaissance) for land warfare.
Its key products are next-generation remote weapon systems, vehicle turrets and counter-UAS systems incorporating directed energy and kinetic drone-defeat technologies.
On the tieup, CEO Ben Greene said: "EOS is proud to have SDF as a JV partner. Our global role as a systems integrator and technology leader in remotely operated combat systems will strongly support the development in UAE of enhanced defense technology products optimized for future roles in this global market."
"EOS has a long history of investment in the UAE, and the formation of this JV represents the next step in developing local industry and infrastructure to support next-generation defense and aerospace capabilities," he added.-TradeArabia News Service