Strategic Development Fund – the investment arm of Tawazun Holding – has acquired an additional 20 per cent of Marakeb Technologies’ shares, increasing its stake to 50 per cent in the locally founded company that specialises in unmanned technology.
In 2019, SDF bought 30 per cent of the autonomous technology firm.
“Our further investment in Marakeb hopes to see additional improvement on several fronts, such as greater manufacturing and R&D capabilities, a wider market reach and network, and reiterating our support for Emiratisation by acquiring local talent,” Abdullah Nasser Al Jaabari, managing director and chief executive of SDF, said on Saturday.
He cited the technology owned by Sharjah's Marakeb as one of the main reasons for the fund’s decision to increase its investment.
Tawazun, which is tasked with developing the UAE’s domestic defence industry, has been ramping up efforts to advance the sector as part of Abu Dhabi’s plans to boost the contribution of the non-oil economy to its gross domestic product.
SDF, which was established in 2019, is focused on the financial return and economic impact within the UAE’s strategic sectors through equity investment in local and international partnerships and developmental funding towards the Emirates' private sector.
Marakeb’s advanced technologies will help it achieve its goals and objectives and contribute to the UAE’s strategic technology sectors, the fund said.
“On joining forces with SDF, the extended support and funding thrusted our research abilities and performance, and consequently the development of our autonomous system from maritime applications to become a platform-agnostic system that has been applied to several aerial, ground and maritime ventures in the Middle East and Europe,” Basel Shuhaiber, chief executive of Marakeb Technologies, said.