The Tawazun Economic Council signed a preliminary agreement with aeroplane manufacturer Airbus to establish a subsidiary in Abu Dhabi, expanding the partnership between the two companies.
The formation of the subsidiary is part of Tawazun’s efforts to attract and promote long-term partnerships with major companies in the defence, aviation and aerospace sector, the UAE company said in a statement on Sunday at the Dubai Airshow.
The companies also aim to co-operate to develop refuelling solutions for military air systems, unmanned aerial systems, a helicopter flight lab and research and development for the VSR-700, an unmanned aerial vehicle.
“Part of Tawazun’s role is to invest in key social infrastructure and create globally integrated industry sectors for the benefit of the UAE through local and global partnerships. We are very happy that our partnership with Airbus will serve our shared interests and potentially help position the UAE as a hub within the sector,” Tareq Al Hosani, chief executive of Tawazun, said.
Deals worth billions of dollars were agreed on the first day of the Dubai Airshow, the first major global aerospace exhibition since the onset of the Covid-19 pandemic. The UAE Ministry of Defence awarded contracts worth Dh5.23 billion ($1.42bn) while GAL, a UAE-based aircraft maintenance, repair and overhaul service provider, was awarded a Dh11bn contract by the UAE Armed Forces.
Separately, Tawazun said it had signed a letter of intent to purchase 100 VRT500 helicopters from aerospace company Aeroter for €216.9 million ($248.2m). Deliveries of the helicopters, which will be used by the government, are expected by the end of 2023.
“We are pleased to close this contract for VRT’s single light engine helicopter, which is characterised by various design advantages in terms of safety, performance and cost-effectiveness, to meet the customers’ expectations,” Abdulla Al Jaabri, deputy chairman of Aeroter, said.
Part of Tawazun’s role is to invest in key social infrastructure and create globally integrated industry sectors for the benefit of the UAE through local and global partnerships
Tareq Abdulraheem Al Hosani,
chief executive of Tawazun
The agreement also entails the setting up of a helicopter service centre in Abu Dhabi, in collaboration with an Emirati company, Ahmed Al Harmoodi, chief acquisition management officer of Tawazun, said.
“Aeroter is currently engaged in talks with a number of national companies on forming a strategic partnership to operate and manage the centre.”
Tawazun was formed in 1992 and has supported the creation of more than 111 companies and investment vehicles in 12 sectors. It now serves as a catalyst for economic growth and the development of the UAE defence and security industry.
The Internet
Hive Mind
four stars
UAE currency: the story behind the money in your pockets
THE SPECS
Engine: 1.5-litre, four-cylinder turbo
Transmission: seven-speed dual clutch automatic
Power: 169bhp
Torque: 250Nm
Price: Dh54,500
On sale: now
UAE currency: the story behind the money in your pockets
Museum of the Future in numbers
- 78 metres is the height of the museum
- 30,000 square metres is its total area
- 17,000 square metres is the length of the stainless steel facade
- 14 kilometres is the length of LED lights used on the facade
- 1,024 individual pieces make up the exterior
- 7 floors in all, with one for administrative offices
- 2,400 diagonally intersecting steel members frame the torus shape
- 100 species of trees and plants dot the gardens
- Dh145 is the price of a ticket
Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
War
Director: Siddharth Anand
Cast: Hrithik Roshan, Tiger Shroff, Ashutosh Rana, Vaani Kapoor
Rating: Two out of five stars
End of free parking
- paid-for parking will be rolled across Abu Dhabi island on August 18
- drivers will have three working weeks leeway before fines are issued
- areas that are currently free to park - around Sheikh Zayed Bridge, Maqta Bridge, Mussaffah Bridge and the Corniche - will now require a ticket
- villa residents will need a permit to park outside their home. One vehicle is Dh800 and a second is Dh1,200.
- The penalty for failing to pay for a ticket after 10 minutes will be Dh200
- Parking on a patch of sand will incur a fine of Dh300
Moon Music
Artist: Coldplay
Label: Parlophone/Atlantic
Number of tracks: 10
Rating: 3/5
Credit Score explained
What is a credit score?
In the UAE your credit score is a number generated by the Al Etihad Credit Bureau (AECB), which represents your credit worthiness – in other words, your risk of defaulting on any debt repayments. In this country, the number is between 300 and 900. A low score indicates a higher risk of default, while a high score indicates you are a lower risk.
Why is it important?
Financial institutions will use it to decide whether or not you are a credit risk. Those with better scores may also receive preferential interest rates or terms on products such as loans, credit cards and mortgages.
How is it calculated?
The AECB collects information on your payment behaviour from banks as well as utilitiy and telecoms providers.
How can I improve my score?
By paying your bills on time and not missing any repayments, particularly your loan, credit card and mortgage payments. It is also wise to limit the number of credit card and loan applications you make and to reduce your outstanding balances.
How do I know if my score is low or high?
By checking it. Visit one of AECB’s Customer Happiness Centres with an original and valid Emirates ID, passport copy and valid email address. Liv. customers can also access the score directly from the banking app.
How much does it cost?
A credit report costs Dh100 while a report with the score included costs Dh150. Those only wanting the credit score pay Dh60. VAT is payable on top.
UAE currency: the story behind the money in your pockets
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
Bookshops: A Reader's History by Jorge Carrión (translated from the Spanish by Peter Bush),
Biblioasis
Manchester City 4
Otamendi (52) Sterling (59) Stones (67) Brahim Diaz (81)
Real Madrid 1
Oscar (90)
Red flags
- Promises of high, fixed or 'guaranteed' returns.
- Unregulated structured products or complex investments often used to bypass traditional safeguards.
- Lack of clear information, vague language, no access to audited financials.
- Overseas companies targeting investors in other jurisdictions - this can make legal recovery difficult.
- Hard-selling tactics - creating urgency, offering 'exclusive' deals.
Courtesy: Carol Glynn, founder of Conscious Finance Coaching
COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3ECompany%3A%20%3C%2Fstrong%3EGrowdash%0D%3Cbr%3E%3Cstrong%3EStarted%3A%20%3C%2Fstrong%3EJuly%202022%0D%3Cbr%3E%3Cstrong%3EFounders%3A%20%3C%2Fstrong%3ESean%20Trevaskis%20and%20Enver%20Sorkun%0D%3Cbr%3E%3Cstrong%3EBased%3A%20%3C%2Fstrong%3EDubai%2C%20UAE%0D%3Cbr%3E%3Cstrong%3EIndustry%3A%20%3C%2Fstrong%3ERestaurant%20technology%0D%3Cbr%3E%3Cstrong%3EFunding%20so%20far%3A%3C%2Fstrong%3E%20%24750%2C000%0D%3Cbr%3E%3Cstrong%3EInvestors%3A%20%3C%2Fstrong%3EFlat6Labs%2C%20Plus%20VC%2C%20Judah%20VC%2C%20TPN%20Investments%20and%20angel%20investors%2C%20including%20former%20Talabat%20chief%20executive%20Abdulhamid%20Alomar%2C%20and%20entrepreneur%20Zeid%20Husban%3C%2Fp%3E%0A
World Cricket League Division 2
In Windhoek, Namibia - Top two teams qualify for the World Cup Qualifier in Zimbabwe, which starts on March 4.
UAE fixtures
Thursday, February 8 v Kenya; Friday, February 9 v Canada; Sunday, February 11 v Nepal; Monday, February 12 v Oman; Wednesday, February 14 v Namibia; Thursday, February 15 final
