UAE-based Tawazun Economic Council, through its recently launched Defence and Security Development Fund, has invested AED460 million ($125 million) in the Russian automotive brand Aurus, which specialises in luxurious and armoured vehicles costing $160,000.
The investment for 36 percent share capital, will be directed towards the development of the company’s manufacturing facilities and capabilities, a statement said.
The agreement, signed at IDEX 2019, was signed by Abdullah Nasser Al Jaabari, chief officer and head of the Defence and Security Development Fund, Sergey Gaysin, director general of the Central Scientific Research Automobile and Automotive Engine Institute and Nikolay Sobolev, first deputy of the CEO of Russian Automotive Gathering, Sollers.
Tareq Abdul Raheem Al Hosani, CEO of Tawazun Economic Council, said: "We look forward to working together and investing in the company’s manufacturing process to support them in becoming pioneers in the manufacturing of luxurious and armoured cars both locally and globally.”
Gerhard Hilgert, CEO of Aurus, added: “We are delighted to have Tawazun on board as investors. This investment will help us develop our manufacturing lines, enhance and elevate our products, and enable us to access the international market in the years to come.”
The Defence and Security Development Fund is a new enabler launched by the Tawazun Economic Council which aims to enhance the performance of national private companies operating in the defence and security sectors and enable them to contribute to building a diversified and sustainable national economy.
Last week, Tawazun Economic Council announced the launch of the Defence and Security Development Fund with a capital of AED2.5 billion ($680 million).
The fund will launch specialised financing programmes in the last quarter of the year, and will announce the financing terms for each programme.For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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