OPB establishes new major subsidiary

Tawazun will focus on the development and expansion of selected emerging companies across a wide range of industrial and commercial disciplines. It will also seek to create viable strategic partnerships that will add value to the UAE economy.

Mohamed Saif Al Mazrouei, Chief Executive Officer of the OPB, said that the launch of the new company signifies the role being played by the OPB in allowing broader participation by the private sector in the country's economic development.

"We are very pleased to be part of this unique initiative which stems from our enthusiasm for strongly supporting the current growth in economic and industrial development. The establishment of Tawazun will have a significant impact on the UAE's industrial capabilities and economic diversification drive."

Tawazun will pursue a targeted acquisition strategy to grow its capabilities and to efficiently acquire, integrate, and introduce new products and service offerings into the UAE markets and beyond.

"The creation of Tawazun bodes well for the emergence of strong and competitive industrial and commercial investment sectors in the UAE," said Saif Mohammed Al Hajeri, Director of the Offset Ventures Unit at the OPB.

"Following many successive years of growth and achievements, we felt the need to focus energies and efforts in the commercial and industrial investments sector under a dedicated brand name,"

explained Al Hajeri.

The Offset Program Bureau was established in 1992 to oversee the offset program in the UAE. It is mandated to set up joint ventures, as well as to invest in commercial, industrial, financial, and educational projects and to create investment funds in the UAE and abroad.

The offset program is implemented on all defense contracts and procurement orders worth more than AED 36.73 million - or $10 million - signed or issued by the General Headquarters of the UAE Armed Forces within a period of five years. The five-year maturity is calculated from the date of the first contract or order the defense contractor/supplier/agent signs with the GHQ.