Middle East

United Arab Emirates Buys 500 Russian Helicopters

Russia and the United Arab Emirates struck a deal for the Emirati company, Taawuni, to have a 50 percent stake in the Russian helicopter maker (VR Technology).

VR Technology is affiliated with a Russian aircraft company that was established in 2014 to develop helicopters and unmanned aerial vehicles.

According to Russia Today, Russian Minister of Industry and Trade Denis Manturov told reporters that the deal is worth 400 million euros ($ 442 million).

“The State Committee for Foreign Investments recently held a meeting on this issue,” Manturov said, adding, “Our colleagues plan to complete the deal before May.”

The agreement, signed by the Russian company’s general manager, Andrei Boginsky, and the general manager of Tawazun, Tariq Abdul Rahim Al Hosani, gives the UAE company equal representation on the board of VR-Technologies.

The agreement, signed by the Russian company’s general manager, Andrei Boginsky, and the general manager of Tawazun, Tariq Abdul Rahim Al Hosani, gives the UAE company equal representation on the board of VR-Technologies. It has also been revealed that the UAE is planning to acquire 100 VRT 300 and VRT 500 helicopters for the police force.

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