ABU DHABI: The United Arab Emirates (UAE) announced the merger of a number of state-controlled defence companies to create an integrated services and manufacturing business called Emirates Defense Industries Company (EDIC).
The new entity will bring together 11 companies from the subsidiaries of state-owned investment firms Mubadala Development Company, Tawazun Holding and Emirates Advanced Investment Group in a first phase of integration.
The chief executive of the merged entity is to be Luc Vigneron, former CEO of Thales, Europe’s largest defence electronics firm, state news agency WAM reported. Several more industrial services subsidiaries of Mubadala and Tawazun are being considered for integration during a second phase, which will begin early in 2015, WAM said.
“The outcome ... will be an integrated defence platform benefiting from improved alignment, performance and increased capacity, which is better positioned to serve the UAE Armed Forces and compete for business in the region,” EDIC Chairman Homaid Al Shemmari said. Reuters
