Military and Strategic Journal
Issued by the Directorate of Morale Guidance at the General Command of the Armed Forces
United Arab Emirates
Founded in August 1971

2019-12-01

Tawazun Economic Program Adds Hanwha to Roster

Tawazun Economic Council (Tawazun), through one of its key drivers, Tawazun Economic Program, which revealed its new policy during IDEX 2019 earlier this year, announced the establishment of the first foreign subsidiary for Hanwha Group in Abu Dhabi. 
 
The agreement was signed yesterday in the Tawazun Chalet by Matar Ali Al Romaithi, Chief Economic Development Officer at Tawazun, and Sungsoo Lee, CEO of Hanwha Defense International and Hanwha Defense Systems in the presence of official delegates from both parties. 
 
Under the Program’s umbrella, the establishment of Hanwha complements the commitment to attract foreign direct investment, supports technological innovation in the defence and security sector, and enables the creation of job opportunities for Emirati nationals. 
Hanwha joins Raytheon, Saab, and Thales, as the fourth global defence giant to be established under the Tawazun Economic Program’s roster, opening operations in Abu Dhabi. 
 
Commenting on the occasion, H.E. Tareq Abdulraheem Al Hosani, said: “This signing marks an important step for Tawazun as we continue to embark on new ventures that further enable a sustainable and robust security and defence industry in the UAE. A core pillar of the Tawazun Economic Program is to enhance the UAE’s capability to attract foreign direct investments and this agreement is a testament to that commitment.
 
“Hanwha will be the fourth globally acclaimed defence company to reap the benefits of the Tawazun Economic Program. At Tawazun we strive to accelerate the development of the industry and will continue to closely collaborate with strategic partners, to further strengthen the UAE’s defence and security industry.”
 
Also commenting on the signing, Ali Al Romaithi said: “The Tawazun Economic Program was designed to attract foreign capital through partnerships with global defence and security entities. The establishment of these global entities are a testament to Abu Dhabi’s position as a prime global investment hub, most importantly due to its political safety and security, advanced infrastructure, amongst other numerous advantages.”
 
“With the addition of Hanwha, the Program is successfully supporting Abu Dhabi’s plans to further build and boost its non-oil economy,” he added. 
 
Lee added: “We have a joint vision with Tawazun to contribute to the UAE’s defence industry and economy. We aim to contribute to the development of an industrial ecosystem, as well as facilitate knowledge transfer to further enable UAE engineers and enable the creation of domestic industrial capabilities.”

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