His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, on Monday received Sheikh Hasina, Prime Minister of Bangladesh, and her accompanying delegation, at the Ministry of Defence pavilion at IDEX. Image Credit: WAM

Abu Dhabi: Abu Dhabi’s Tawazun Holding will invest 110 million euros (Dh457 million) in the Russian luxury car maker Aurus to take a 36 per cent stake in the company, according to a statement from Russia’s Ministry of Industry and Trade on Monday.

The agreement was signed on the sidelines of International Defence Exhibition (Idex) 2019 in the presence of Minister of Industry and Trade of Russian Federation Denis Manturov, UAE Minister of Foreign Affairs and International Cooperation

Shaikh Abdullah Bin Zayed Al Nahyan and the chief executive officer of Mubadala investment group Khaldoon Al Mubarak.

These funds will be used to invest for full-scale mass production of Aurus vehicles, in their localisation, as well as in the development of distribution in international markets, the statement said.

Tawazun will also become the general distributor of the Aurus vehicles in the Middle East and North Africa.

“The entry of the Tawazun Fund into the Aurus project is a vivid evidence that the range of luxury cars developed in Russia has all chances to become a successful product in the global market, and the project itself is commercially effective and attractive to potential investors,” said Manturov, Russia’s Ministry of industry and trade.

Russia’s Rostec Corporation also made a significant contribution to the Aurus project by supporting it financially, Sergey Chemezov, CEO of Rostec said in a separate statement.

“I am confident that attracting a Middle Eastern strategic investor and the beginning (of) Aurus localisation in the UAE will be the starting point for the progressive and sustainable development of the Aurus project both on the regional and global markets.”

Navantia

Abu Dhabi: Saudi Arabian Military Industries (Sami) on Monday signed an agreement with Spain’s ship building firm Navantia to set up a joint venture to provide the combat systems and boost defence capabilities in the kingdom.

Sami will have a 51 per cent stake in the new joint venture named Sanni, while Navantia will hold 49 per cent stake, according to the chief executive officer Antonio Barberan.

“The new company will achieve the vision 2030 goals and also plans to export ships to other countries,” he said during a press conference.