The Strategic Development Fund, the investment arm of the UAE's Tawazun Economic Council, has reached a deal to exit and unwind its partnership with Russian Helicopters for aircraft development programmes.
The fund said that after "the international crisis in early 2022, SDF paused any further investments in Russia to assure compliance with international sanctions", referring to the ongoing Russia-Ukraine conflict.
"In addition, SDF initiated discussions and negotiations with Russian Helicopters to unwind the partnership, in order to have the option to continue the development programmes independently in the UAE," the SDF said in a statement on Friday.
The fund did not elaborate further.
The SDF and Moscow-based Russian Helicopters entered into a partnership in 2020 through Singapore company Aeroter for programmes related to VRT500 choppers and VRT300 unmanned aerial vehicles, which were being developed by the Russian's subsidiary VR Technologies.
Tawazun acquired a 50 per cent stake in VR Technologies in 2019, in which it pledged to inject $400 million to prop up the company.
The move was seen to speed up the development of the company’s VRT300 and VRT500 models and “give impetus to new developments of advanced helicopter and UAV systems”, Sergey Chemezon, chief executive of Russian Helicopters parent Rostec State Corporation, said at the time.
Tawazun then signed a letter of intent to buy 100 VRT500 helicopters from Aeroter during the 2021 Dubai Airshow for €216.9 million ($248.2 million).
Delivery of the helicopters, which were intended for use by the government, were expected by the end of 2023.
The ongoing Russia-Ukraine conflict, which began in February last year, has resulted in several hefty sanctions against Moscow, with many international brands from several industries leaving the country.
The SDF said Friday's announcement is based on an agreement signed on November 14 between the two parties, "so SDF can continue to develop the programme independently in compliance with international sanctions".
The fund, which was established in 2019, is focused on the financial return and economic impact in the UAE’s strategic sectors through equity investment in local and international partnerships and developmental funding towards the Emirates' private sector.
What is graphene?
Graphene is extracted from graphite and is made up of pure carbon.
It is 200 times more resistant than steel and five times lighter than aluminum.
It conducts electricity better than any other material at room temperature.
It is thought that graphene could boost the useful life of batteries by 10 per cent.
Graphene can also detect cancer cells in the early stages of the disease.
The material was first discovered when Andre Geim and Konstantin Novoselov were 'playing' with graphite at the University of Manchester in 2004.
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Desert Warrior
Starring: Anthony Mackie, Aiysha Hart, Ben Kingsley
Director: Rupert Wyatt
Rating: 3/5
Who was Alfred Nobel?
The Nobel Prize was created by wealthy Swedish chemist and entrepreneur Alfred Nobel.
- In his will he dictated that the bulk of his estate should be used to fund "prizes to those who, during the preceding year, have conferred the greatest benefit to humankind".
- Nobel is best known as the inventor of dynamite, but also wrote poetry and drama and could speak Russian, French, English and German by the age of 17. The five original prize categories reflect the interests closest to his heart.
- Nobel died in 1896 but it took until 1901, following a legal battle over his will, before the first prizes were awarded.
Where to donate in the UAE
The Emirates Charity Portal
You can donate to several registered charities through a “donation catalogue”. The use of the donation is quite specific, such as buying a fan for a poor family in Niger for Dh130.
The General Authority of Islamic Affairs & Endowments
The site has an e-donation service accepting debit card, credit card or e-Dirham, an electronic payment tool developed by the Ministry of Finance and First Abu Dhabi Bank.
Al Noor Special Needs Centre
You can donate online or order Smiles n’ Stuff products handcrafted by Al Noor students. The centre publishes a wish list of extras needed, starting at Dh500.
Beit Al Khair Society
Beit Al Khair Society has the motto “From – and to – the UAE,” with donations going towards the neediest in the country. Its website has a list of physical donation sites, but people can also contribute money by SMS, bank transfer and through the hotline 800-22554.
Dar Al Ber Society
Dar Al Ber Society, which has charity projects in 39 countries, accept cash payments, money transfers or SMS donations. Its donation hotline is 800-79.
Dubai Cares
Dubai Cares provides several options for individuals and companies to donate, including online, through banks, at retail outlets, via phone and by purchasing Dubai Cares branded merchandise. It is currently running a campaign called Bookings 2030, which allows people to help change the future of six underprivileged children and young people.
Emirates Airline Foundation
Those who travel on Emirates have undoubtedly seen the little donation envelopes in the seat pockets. But the foundation also accepts donations online and in the form of Skywards Miles. Donated miles are used to sponsor travel for doctors, surgeons, engineers and other professionals volunteering on humanitarian missions around the world.
Emirates Red Crescent
On the Emirates Red Crescent website you can choose between 35 different purposes for your donation, such as providing food for fasters, supporting debtors and contributing to a refugee women fund. It also has a list of bank accounts for each donation type.
Gulf for Good
Gulf for Good raises funds for partner charity projects through challenges, like climbing Kilimanjaro and cycling through Thailand. This year’s projects are in partnership with Street Child Nepal, Larchfield Kids, the Foundation for African Empowerment and SOS Children's Villages. Since 2001, the organisation has raised more than $3.5 million (Dh12.8m) in support of over 50 children’s charities.
Noor Dubai Foundation
Sheikh Mohammed bin Rashid Al Maktoum launched the Noor Dubai Foundation a decade ago with the aim of eliminating all forms of preventable blindness globally. You can donate Dh50 to support mobile eye camps by texting the word “Noor” to 4565 (Etisalat) or 4849 (du).
VEZEETA PROFILE
Date started: 2012
Founder: Amir Barsoum
Based: Dubai, UAE
Sector: HealthTech / MedTech
Size: 300 employees
Funding: $22.6 million (as of September 2018)
Investors: Technology Development Fund, Silicon Badia, Beco Capital, Vostok New Ventures, Endeavour Catalyst, Crescent Enterprises’ CE-Ventures, Saudi Technology Ventures and IFC
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