RIYADH: Saudi Arabia’s General Authority for Military Industries (GAMI) and the Tawazun Economic Council signed, on Monday, a memorandum of understanding (MoU) in the field of military industries on the sidelines of the International Defense Exhibition and Conference (IDEX 2021), currently underway in Abu Dhabi.
The MoU aims to build strategic relations of cooperation, partnership and integration between the two sides to achieve objectives related to the promotion and exploitation of capabilities related to the military industry, explore potentials for joint projects in the field of military industries, discuss a work mechanism for the implementation of these projects and identify areas of cooperation in defense industry-related Research & Development (R&D).
The MoU was signed by the Governor of GAMI Ahmed bin Abdul Aziz Al-Ohali and Jassem Mohammed Bu Ataba Al-Zaabi, chairman of the Abu Dhabi Department of Finance and secretary-general of Tawazun’s board of directors.
The signing ceremony, which took place at Tawazun’s Pavilion at IDEX 2021, was attended by Tareq Abdulraheem Al-Hosani, CEO of Tawazun, and officials from the two sides.
Following the signing, Al-Ohali said the MoU comes in line with the strong ties between the UAE and Saudi Arabia based on interdependence, synergy, harmony and continuous coordination and consultation on all topics of common interest, emanating from the two countries’ shared visions, goals and aspirations for economic integration and for a brighter future.
“Under the MoU, we will work to accelerate joint action for implementation of the Tawazun Economic Programs. The GCC region has huge potential to build sustainable capabilities in defense and military industries, building on the long-standing and mutually beneficial relations with the world’s leading industry and technology players. Our objective is to transfer technology and know-how and to build an integrated base for defense industries in the Gulf that keeps pace with the rapid and successive developments in this field,” he said.
Al-Zaabi said the MoU stems from the deep-rooted brotherly and strategic relations between the two fraternal countries, the foundation of which was laid by Sheikh Khalifa bin Zayed Al-Nahyan, and King Salman.
“This agreement for joint cooperation sets the course for a new era of joint action and constructive cooperation between the two brotherly countries in all domains, particularly in R&D, technology transfer, joint defense industries and other vital areas in the defense and security industries,” he added.
Al-Zaabi pointed out that drawing from its vast experience and strong relations with ecosystem players, as well as its qualified and highly skilled Emirati talents, Tawazun is positioned to play a pivotal role in enabling the defense industry and boosting its contribution to the UAE’s sustainable development drive.
He referred to the UAE’s Tawazun Economic Program as one of the region’s most successful offset systems and expressed willingness to exchange expertise and best practices with the Saudi counterpart.
