Abu Dhabi’s Tawazun Economic Council launches $680m defense fund

Plans for the the Defense and Security Development Fund were announced ahead of IDEX 2019. (AP Photo)

• Gulf states, including the UAE and Saudi Arabia, are investing heavily in developing their military industries as part of wide-ranging economic reforms aimed at reducing reliance on oil
• Tawazun Economic Council CEO Tareq Abdul Raheem Al-Hosani said that the fund was established to encourage the private sector to invest in the defense and security sectors

LONDON: The Abu Dhabi-based Tawazun Economic Council has launched a $680 million fund to invest in the country’s defense sector.
Plans for the the Defense and Security Development Fund were announced ahead of IDEX 2019, the vast biennial military convention hosted in the UAE’s capital.
Gulf states, including the UAE and Saudi Arabia, are investing heavily in developing their military industries as part of wide-ranging economic reforms aimed at reducing reliance on oil.
Tawazun Economic Council CEO Tareq Abdul Raheem Al-Hosani said that the fund was established to encourage the private sector to invest in the defense and security sectors.
It is also in line with government plans to develop public-private partnerships in the defense sector.
It will focus on technological investment, and safeguarding local intellectual property, innovation and industry.