Tawazun Economic Council, the state body tasked with developing a UAE defence industry, will potentially provide up to Dh193 million in funding to UAE-based Halcon Systems as part of its Dh2.5 billion Defence and Security Development Fund.
The funding agreement is worth Dh55m and will help develop the company’s production lines, with discussions under way for a direct investment of Dh138m, Tawazun said on Tuesday. Halcon is a unit of the Yas Holding Group. The agreement was signed during the International Defence Exhibition and Conference (Idex) taking place in Abu Dhabi this week.
“The Tawazun Economic Council is keen to support local strategic technology investments to meet the needs of the country and contribute in finding innovative solutions through investing in the development of new and advanced technologies, or through the acquisition and development of companies,” said Tareq Al Hosani, chief executive of Tawazun.
Tawazun recently set up the Dh2.5bn fund as part of efforts to develop a local defence and security industry amid Abu Dhabi’s plans to boost the contribution of the non-oil sector to the emirate’s GDP. The Dh55m amount is the second investment by the fund, which has invested Dh460m in Russian automotive brand Aurus, which specialises in luxurious and armoured vehicles. The fund also plans to buy 30 per cent of Sharjah-based Al Marakeb Boats Manufacturing.
The fund will provide the Dh55m loan with flexible terms to Halcon, which will be used to develop and expand its facilities and production lines in Abu Dhabi.
Discussions are under way for another Dh138m in direct investment to help the development and manufacture of a series of guided weapon systems in return for intellectual property royalty rights.
Halcon expects the development and manufacture of a smart missile control and guidance panel to be delivered over the next three years, said Saeed Al Mansoori, chief executive of Halcon.
The specs
Engine: 2.0-litre 4-cylinder turbo
Power: 240hp at 5,500rpm
Torque: 390Nm at 3,000rpm
Transmission: eight-speed auto
Price: from Dh122,745
On sale: now
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Summer special
Full Party in the Park line-up
2pm – Andreah
3pm – Supernovas
4.30pm – The Boxtones
5.30pm – Lighthouse Family
7pm – Step On DJs
8pm – Richard Ashcroft
9.30pm – Chris Wright
10pm – Fatboy Slim
11pm – Hollaphonic
FA CUP FINAL
Chelsea 1
Hazard (22' pen)
Manchester United 0
Man of the match: Eden Hazard (Chelsea)
Who has lived at The Bishops Avenue?
- George Sainsbury of the supermarket dynasty, sugar magnate William Park Lyle and actress Dame Gracie Fields were residents in the 1930s when the street was only known as ‘Millionaires’ Row’.
- Then came the international super rich, including the last king of Greece, Constantine II, the Sultan of Brunei and Indian steel magnate Lakshmi Mittal who was at one point ranked the third richest person in the world.
- Turkish tycoon Halis Torprak sold his mansion for £50m in 2008 after spending just two days there. The House of Saud sold 10 properties on the road in 2013 for almost £80m.
- Other residents have included Iraqi businessman Nemir Kirdar, singer Ariana Grande, holiday camp impresario Sir Billy Butlin, businessman Asil Nadir, Paul McCartney’s former wife Heather Mills.
Hunting park to luxury living
- Land was originally the Bishop of London's hunting park, hence the name
- The road was laid out in the mid 19th Century, meandering through woodland and farmland
- Its earliest houses at the turn of the 20th Century were substantial detached properties with extensive grounds
More from our Neighbourhood series:
Yahya Al Ghassani's bio
Date of birth: April 18, 1998
Playing position: Winger
Clubs: 2015-2017 – Al Ahli Dubai; March-June 2018 – Paris FC; August – Al Wahda
2.0
Director: S Shankar
Producer: Lyca Productions; presented by Dharma Films
Cast: Rajnikanth, Akshay Kumar, Amy Jackson, Sudhanshu Pandey
Rating: 3.5/5 stars
SPECS
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In-demand jobs and monthly salaries
- Technology expert in robotics and automation: Dh20,000 to Dh40,000
- Energy engineer: Dh25,000 to Dh30,000
- Production engineer: Dh30,000 to Dh40,000
- Data-driven supply chain management professional: Dh30,000 to Dh50,000
- HR leader: Dh40,000 to Dh60,000
- Engineering leader: Dh30,000 to Dh55,000
- Project manager: Dh55,000 to Dh65,000
- Senior reservoir engineer: Dh40,000 to Dh55,000
- Senior drilling engineer: Dh38,000 to Dh46,000
- Senior process engineer: Dh28,000 to Dh38,000
- Senior maintenance engineer: Dh22,000 to Dh34,000
- Field engineer: Dh6,500 to Dh7,500
- Field supervisor: Dh9,000 to Dh12,000
- Field operator: Dh5,000 to Dh7,000
