By Sam Bridge
Russian Helicopters Holding Company signes deal with UAE-based Tawazun Holding Company on the purchase of a stake in VR-Technologies
Russian Helicopters Holding Company, part of Rostec State Corporation, has signed an agreement with UAE-based Tawazun Holding Company on the purchase of a stake in VR-Technologies.
Tawazun will become the owner of half of the shares of VR-Technology company, which is developing helicopters and unmanned aerial vehicles.
The transaction is planned to be finalised in the first quarter of 2020.
Upon the acquisition of a stake in VR-Technologies, Tawazun representatives will sit on the company's board of directors, and their rights will be equal to those of the members representing Russian Helicopters.
The document was signed by Andrey Boginsky, director general of Russian Helicopters, and Tareq Abdul Raheem Al Hosani, director general of Tawazun.
“I am sure that the investments of our partners will fasten the development of VRT300 and VRT500 projects and will give impetus to new developments of advanced helicopter and UAV systems. Our agreements also provide cooperation in promoting these products in the markets of the Middle East and GCC in particular," said Sergey Chemezov, CEO of Rostec State Corporation.
“As equal partners, we plan to invest at least 400 million euro ($442 million) in the development of VR-Technologies, which will help make the company's products competitive and in demand all over the world," added Boginskiy.
Abdullah Nasser Al Jaabari, head of Tawazun Strategic Development Fund, said: “This agreement stems from the fund’s commitment to support the UAE’s strategic vision of investing in advanced industries and transferring relevant technologies."
Dubai Airshow is the first foreign site to showcase the VRT500 project. The helicopter has the largest passenger and cargo cabin in its class with a total capacity of up to 5 people. At the same time, the outline dimensions of the rotorcraft were reduced due to the coaxial rotor placement, which permits to operate the helicopter in the restrained urban conditions.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.