The two companies are currently working together to finalize the agreement under which the new partnership will be created.
Under the new partnership the company will be named 'Jobaria Defense Systems' and be owned 60% by Tawazun and 40% by AJG.
Jobaria Defense Systems will be operating within the military defense market as a supplier of modern weapons systems, with a key focus on Design, Development, and Upgrade and Support Service programs.
Tawazun and AJG are founding partners of Burkan Munitions Systems.
Tawazun is a strategic investment firm focused on the long-term development of UAE's industrial manufacturing and technology capabilities and knowledge-transfer with a specific focus on the defense sector.
Established in 2007 as a fully owned subsidiary of Tawazun Economic Council, Tawazun's mission is to develop profitable ventures through industrial partnerships and strategic investments that add to the country's industrial manufacturing layer in the areas of defense, defense manufacturing and manufacturing technology.
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Tawazun, the strategic investment firm focused on defense and strategic manufacturing, and the Abu Dhabi-based Al Jaber Group (AJG) have reached an agreement whereby, Tawazun will acquire 60% of the AJG-owned Al Jaber Land Systems.
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Posted by Rana MesbahWednesday, February 06 - 2013 at 12:49 UAE local time (GMT+4)
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