Tawazun Holding to acquire 26% of International Golden Group
Tawazun Holding and International Golden Group PJSC (IGG) are glad to announce that parties have entered into agreements in 2010 whereby, Tawazun will acquire 26% of the shares in IGG, a leading regional defense product and system supplier (such as in the areas of security and maritime services).
H.E. Saif Mohamed Al Hajeri, Chief Executive Officer of Tawazun Holding said: “With its product portfolio in defense and security, IGG is one of the key contributors to security preparedness in the UAE. IGG and Tawazun Holding have complementary strategies, networks and business models that enable us to align to develop our mutual capabilities in the future.”
Fadil Al Kaabi, Chief Executive Officer of IGG commented: “IGG is directly aligned with Tawazun Holding’s vision of supporting the long-term development of industrial capabilities in the UAE. This strategic partnership will enable us to use our combined efforts to invest in innovation and pursue growth opportunities.”
Tawazun Economic Council was founded in 1992 to fulfil a vision of comprehensive and sustainable economic and social development within the UAE.
Since its establishment, 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.
The Council envisions maximizing economic benefits by providing the needed inputs for the industrial development, supervising relevant acquisition programs, driving necessary industry regulations and contribution to economic diversification. It also 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)
International Golden Group
Established in 2002 with headquarters in Abu Dhabi, International Golden Group (IGG) PJSC specialises in providing high-end defence and security solutions. Recognised as a leading supplier to the UAE Armed forces, Ministry of Interior, and other defence and security authorities, IGG provides unsurpassed levels of services to our growing customer base by employing highly dedicated and experienced personnel.