Emirates Defense Technology Announces Joint Venture with Etienne Lacroix GroupSource: www.export-egypt.com 11/11/2015, Location: Middle East |
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Emirates Defense Technology (EDT), the Abu Dhabi based Defense Company, and Lacroix, an Etienne Lacroix Group company that specializes in pyrotechnics and defense solutions, announces the signature of a strategic joint venture.
Operating under the name of Emirates Defense Services (EDS), the new joint venture will provide global services and maintenance on Lacroix’s products and a range of defense related services and solutions across the region, while providing a vehicle for Lacroix to fulfill its offset commitments to the UAE. The Joint venture was approved by the Tawazun Economic Council and was enthusiastically endorsed by the CEOs of both EDT and Lacroix. The Tawazun Economic Council overlooks the Tawazun Economic Program, formerly known as the UAE Offset Program, The Program seeks to derive economic and commercial value from the country’s extensive defense procurement program, as part of the UAE’s initiatives to modernize and acquire state-of-the-art defense systems. ? Mr. Matar Ali Al Romaithi, the Chief Officer, Industrial Development Unit of the Tawazun Economic Council, said: "We are pleased with the partnership between EDT and Lacroix. This is another successful collaboration initiated under the Tawazun Economic Program which aims to the creation of strategic and sustainable projects within the country." Mohamed Bin Jabr Al Suwaidi, CEO at Emirates Defense Technology, said: "We have been partners for the past five years and this new joint venture with Lacroix is further testament to our increasing collaboration between both companies. The global resources of both partners of EDS will allow exposure to MRO activities, research and development, design and manufacturing requirements of our long-standing customers". "Defense companies that want to operate in the UAE sometimes face challenges to meet their offset requirements. However, I believe that this joint venture is an example of how local and foreign companies can collaborate to overcome these challenges," he concluded. Jean-Jacques Bares, CEO, Etienne Lacroix Group, said: "Lacroix has been actively seeking to establish a new global service and maintenance division for its products and this new joint venture partnership with EDT has provided the perfect vehicle whereby we can also meet our UAE defense offset requirements". "Lacroix is delighted to extend its relationship with EDT as it further strengthens our close relationship between the companies and also provides a local geographical presence to service our client needs". |
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