UAE’s Tawazun to buy 50% in design office of Russian Helicopters

DUBAI, Nov 18 (PRIME) -- Tawazun Holding from the United Arab Emirates (UAE) has signed an agreement with helicopter producer Russian Helicopters on the key conditions of an acquisition of 50% of the company’s design office VR-Technologies, the Russian company said in a statement on Monday.

The deal should be closed in January–March 2020.

“I am sure that investment of our Middle Eastern partners will speed up implementation of the VRT-300 and VRT-500 projects and add momentum to new developments of advanced helicopter and pilotless systems,” Sergei Chemezov, CEO of the parent company Rostec, referring to creation of advanced helicopters.

Under the deal, the holding will help promote the helicopters in the Middle Eastern and Persian Gulf states. Representatives of Tawazun will enter the board of directors of VR-Technologies together with representatives of Russian Helicopters.

Russian Helicopters’ CEO Andrei Boginsky also said that the company planned to invest at least 400 million euros in the design office.

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