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Tawazun Economic Council celebrates Silver Jubilee

Tawazun Economic Council today hosted a ceremony to celebrate its 25th anniversary.

In a statement made to mark Tawazun Economic Council’s Silver Jubilee, Mohammed bin Ahmed Al Bowardi, Minister of State for Defence Affairs, who is also Deputy Chairman of the Council’s Board of Directors, highlighted the Council’s strategy, which he said, “focuses on the long-term development of viable and mutually beneficial partnerships with global industry leaders. It also entails contribution to creation of a solid foundation for advanced and competitive defense manufacturing in the UAE.”

“Tawazun Economic Council would have not been able to reach that milestone, without the unlimited support of President His Highness Sheikh Khalifa bin Zayed Al Nahyan, Vice President, Prime Minister and Ruler of Dubai, His Highness Sheikh Mohammed bin Rashid Al Maktoum, and His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, who believes in developing a strong national defense manufacturing sector, capable of fulfilling the needs of the UAE Armed Forces,” he said.

Al Bowardi revealed that during the past 25 years, Tawazun Economic Council facilitated creation of over 40 defense companies.

“These companies are now playing a vital role in the UAE’s economic growth,” he said, indicating that the creation of Emirates Defence Industries Company, EDIC, came as part of the efforts to develop a strategic and self-sufficient platform for defense industries.

According to Al Bowardi, the joint ventures created by Tawazun Economic Council have generated so far AED12 billion in the UAE’s business cycle.

The past 25 years, he continued, saw Tawazun Economic Council’s assets grow exponentially to AED26 billion, with more than 10,000 permanent jobs created.

“Tawazun Economic Council has been, and will always, a key investment arm for the government that seeks to fulfill the country’s developmental and defense needs.”

While serving the economic diversification and development, Tawazun Economic Council also attaches great importance to building capabilities of the UAE citizens and equipping them with necessary knowledge, skills and experiences to serve the country and to sustain its development drive under the vision of its prudent leadership.

In attendance were Dr. Sultan Al Jaber, Minister of State, Jassem Mohammad Buatabah Al Zaabi, Chairman of Abu Dhabi Executive Office, Saif Mohamed Al Hajeri, Chairman of the Department of Economic Development – Abu Dhabi, and a number of senior officials.

In his address, Saif Mohamed Al Hajeri, a member of Tawazun Economic Council’s Board of Directors, said Tawazun Economic Council has emerged as a key contributor to the national economy.

“Over the past 25 years, the Council enabled creation of more than 90 companies and investment vehicles, covering 11 sectors, including defense manufacturing. These companies play a vital role in boosting economic growth in the UAE,” he stated.

Al Hajeri also referred to Tawazun Economic Council’s contributions to realizing the Abu Dhabi Government’s Vision 2030 through its initiative for the transfer of technology and technical know-how, development of infrastructure, capacity building and promoting innovative research in industrial domains, in line with the leadership’s vision to equip future generations with the necessary skills and knowledge for the future.

He disclosed that the total investments in the joint ventures created by Tawazun Economic Council exceeded AED36 billion, with revenues estimated at AED70 billion.

“Asset of these companies more than doubled to AED542 billion, which clearly indicates the amount of contribution the Council had made to the country’s drive for economic diversification.”

Another achievement for Tawazun Economic Council is that it pioneered introduction of new industries and businesses, investing in telecommunications, aerospace, aviation, software and robotic systems and components, metals, healthcare, agriculture, food processing, energy, logistics, property and infrastructure development, in addition to defense manufacturing.

Tareq Abdul Raheem Al Hosani, Chief Executive Officer of Tawazun Economic Council, said that the role of the Council will be expanded to be a prime enabler for a sustainable defense and security industry in the UAE.

“The Council envisions maximising economic benefits by providing the needed inputs for the industrial development, supervising relevant acquisition programs, driving necessary industry regulations and contribution to economic diversification,” said Al Hosani.

He revealed that the Council is currently considering 53 new project concepts in defense and security manufacturing.

“I expect that some of these concepts will be fully operational facilities within the coming five years.”

Al Hosni emphasized that the Council will continue its commitment to supporting economic growth the sustainable development drive.

He underlined Tawazun’s Economic Council’s news strategy, which is aligned to the objectives of the government for accelerating performance and addressing challenges facing the different sectors.

The new strategy, Al Hosani went on, targets contribution to enhancing UAE’s industrial stature, to achieving a robust knowledge-based economy and to boosting the flow of Foreign Direct Investments (FDIs).

‘The UAE is embarking on an ambitious plan to reinforce its industrial and technological offerings for the future through the talents and skills of its people. There is no doubt that Tawazun Economic will have a large role to play in that direction.”

In doing so, Tawazun was instrumental in building capabilities and enhancing skills and experiences of the Emiratis through a host of programs, implemented in collaboration with the leading UAE and international academic institutions.