UAE fund to help Russia produce cars for high-ranking officials

MOSCOW, Jul 6 (PRIME) -- The Defense Security and Development Fund (DSDF) owned by United Arab Emirates’ Tawazun is joining venture Aurus producing cars for Russian high-ranking government officials with a 110 million euro investment, the Industry and Trade Ministry said in a statement on Friday.

Industry and Trade Minister Denis Manturov said, “We are starting a new stage of the Kortezh project, it is now called Aurus. The agreement envisages investments in the project by company Tawazun in part of its future development.”

Russian car maker Sollers will be the production partner and the State Research Center the research and development partner.

The firms plan to develop serial production, distribution and post-sale service of the Aurus cars jointly. The final terms of the deal will be agreed between the companies until the end of 2018.

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