Russia plans to develop a fifth generation joint light fighter aircraft with the UAE as Moscow seeks to boost its military exports to the region.
Sergey Chemezov, the chief executive of Rostec, the country’s largest military complex, said an initial agreement has been signed and work was expected to start on the “long-term project” as early as next year.
Speaking at the International Defence Exhibition (Idex) in the capital, he said it was too early to put a value on the project.
Mr Chemezov said there had been separate discussions about the potential purchase of Russia’s Sukhoi Su-35 fighter jets.
It coincides with a deal struck between the Russian Direct Investment Fund and Middle East investors to create a consortium to acquire a minority stake in Russian Helicopters, a Rostec unit.
“Today we have agreed with the Russian Direct Investment Fund and Middle Eastern investors on the final parameters of the deal and signed documents for the sale of a minority stake in Russian Helicopters, ” said Mr Chemezov.
It values the company at US$2.35 billion, the fund said in a statement.
Rostec is a sprawling conglomerate comprising 700 organisations held by 14 holding companies. Nine of these are in the military and industrial sectors – the most famous of which is assault rifle maker Kalashnikov.
The memorandum of understanding between Russia and the UAE to jointly develop the fighter aircraft follows a similar fighter jet collaboration deal agreed between Russia and India last year.
The fifth generation aircraft that is set to be developed with the UAE is expected to be a variation of the MiG-29 fighter jet.
Denis Manturov, the Russian industry and trade minister, who is also in Abu Dhabi, said yesterday that the cooperation agreement was a critical outcome.
“One of the most important results for us from the past few days is the signing of an agreement with the Emirates in the field of military and industrial cooperation.
“One of the fields of this cooperation is the creation, development and supply of the fifth-generation fighter jet.”
He said he hoped it would lead to further cooperation between the countries. “The UAE has also expressed interest in the Russian military warplane Su-35,” Mr Manturov said.
The Su-35 is a “4th ++” generation aircraft on which Sukhoi is pinning its “hopes in the near future”, according to its website.
In Abu Dhabi, Mr Manturov also met senior government officials and sovereign funds to discuss potential collaboration on other projects in Russia.
“We discussed investment in Russian Railways and we also discussed installations in the pulp and paper sector,” he told reporters.
Mubadala Development Company and the Russian Direct Investment Fund already have a $2bn co-investment vehicle in place to pursue opportunities in Russia.
The economy there has been affected in the past few years by the oil price crash, the subsequent slide of the rouble and sanctions imposed on it by the United States following the Ukraine crisis.
Mr Chemezov said the weaker oil price had not significantly affected the regional order pipeline for Russian military exports.
“Of course it impacts everybody because the main revenues here are based on oil and gas but so far we don’t feel any reduction or slowdown. The weapons market has not reduced considerably.”
The rouble has rallied with the oil price and hit a 19-month high versus the US dollar last week. Brent crude has remained fairly stable in recent weeks above $55 per barrel, spurred by optimism that an agreement by Opec and Russia to curb output is being adhered to.
scronin@thenational.ae
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Idex 2017
■
■ Sights from the second day at Idex 2017 – in pictures
■ Thales set to sign deal with UAE Armed Forces this week
■ US military defence technology firm Harris lands UAE Armed Forces contract
■ Idex 2017 opens in Abu Dhabi – in pictures
■ Dh4.41bn worth of arms deals struck on day one of defence show
■ NIMR on track to expanding range
■ UK's Hesco hopes to employ UAE war veterans at its Al Ain factory
■ Mena defence spending to rise this year as conflicts create demand for arms
■ UAE will count on technologies to keep terror threats at bay
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scronin@thenational.ae
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The UAE FTA requires following to be kept:
- Records of all supplies and imports of goods and services
- All tax invoices and tax credit notes
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ATP WORLD No 1
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UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
How to wear a kandura
Dos
- Wear the right fabric for the right season and occasion
- Always ask for the dress code if you don’t know
- Wear a white kandura, white ghutra / shemagh (headwear) and black shoes for work
- Wear 100 per cent cotton under the kandura as most fabrics are polyester
Don’ts
- Wear hamdania for work, always wear a ghutra and agal
- Buy a kandura only based on how it feels; ask questions about the fabric and understand what you are buying
About Karol Nawrocki
• Supports military aid for Ukraine, unlike other eurosceptic leaders, but he will oppose its membership in western alliances.
• A nationalist, his campaign slogan was Poland First. "Let's help others, but let's take care of our own citizens first," he said on social media in April.
• Cultivates tough-guy image, posting videos of himself at shooting ranges and in boxing rings.
• Met Donald Trump at the White House and received his backing.
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UAE currency: the story behind the money in your pockets
Leaderboard
64 - Gavin Green (MAL), Graeme McDowell (NIR)
65 - Henrik Stenson (SWE), Sebastian Soderberg (SWE), Adri Arnaus (ESP), Victor Perez (FRA), Jhonattan Vegas (VEN)
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Labour dispute
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
- Abdullah Ishnaneh, Partner, BSA Law
WOMAN AND CHILD
Director: Saeed Roustaee
Starring: Parinaz Izadyar, Payman Maadi
Rating: 4/5
War 2
Director: Ayan Mukerji
Stars: Hrithik Roshan, NTR, Kiara Advani, Ashutosh Rana
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French business
France has organised a delegation of leading businesses to travel to Syria. The group was led by French shipping giant CMA CGM, which struck a 30-year contract in May with the Syrian government to develop and run Latakia port. Also present were water and waste management company Suez, defence multinational Thales, and Ellipse Group, which is currently looking into rehabilitating Syrian hospitals.
Company%20profile
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The Bloomberg Billionaire Index in full
1 Jeff Bezos $140 billion
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3 Bernard Arnault $83.1 billion
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5 Amancio Ortega $67.9 billion
6 Mark Zuckerberg $67.3 billion
7 Larry Page $56.8 billion
8 Larry Ellison $56.1 billion
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Who was Alfred Nobel?
The Nobel Prize was created by wealthy Swedish chemist and entrepreneur Alfred Nobel.
- In his will he dictated that the bulk of his estate should be used to fund "prizes to those who, during the preceding year, have conferred the greatest benefit to humankind".
- Nobel is best known as the inventor of dynamite, but also wrote poetry and drama and could speak Russian, French, English and German by the age of 17. The five original prize categories reflect the interests closest to his heart.
- Nobel died in 1896 but it took until 1901, following a legal battle over his will, before the first prizes were awarded.
Maestro
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