The Defence and Security Development Fund of UAE-based Tawazun Economic Council has announced an investment in Al Marakeb Boats Manufacturing, a builder of boats and specialised marine electronics.
The two parties signed the agreement for a 30 percent stake during the International Defence Exhibition and Conference (IDEX 2019) in Abu Dhabi.
The investment, the value of which has not been disclosed, will help fund the development of unmanned boats and a multi-tasked armoured boat which is expected to be handed over within the next two years.
The agreement was signed by Abdulla Naser Al Jaabari, chief officer and head of the Defence and Security Development Fund, and Basel Shuhaiber, CEO of Al Marakeb.
Tareq Abdul Raheem Al Hosani, CEO of Tawazun Economic Council, said that the agreement stems from Tawazun’s commitment to the development of the defence and security industry in the UAE and to the country’s GDP.
He added that the fund’s main objective is to enable emerging national companies in the defence and security sector through the provision of flexible financial and investment solutions.
Al Jaabari said that Al Marakeb is one of the most promising national SMEs offering products based on advanced technologies that would contribute to the achievement of the fund's goals and objectives.
He added that the technology owned by Al Marakeb was one of the main reasons for the fund’s investment.
Basel Shuhaiber, CEO of Al Marakeb, said that the agreement will allow the company to embark on a new stage of production.
Al Marakeb is a UAE-based company specialized in developing and updating systems of unmanned surface boats for various defence, security, marine and commercial purposes.For all the latest tech 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.
Subscribe to Arabian Business' newsletter to receive the latest breaking news and business stories in Dubai,the UAE and the GCC straight to your inbox.