Offset Program Bureau delegation wraps up successful participation at Eurosatory 2010

Abu Dhabi, June 27, 2010 (WAM)- A delegation from the Offset Programme Bureau (OPB) and its investment arm Tawazun Holding, had successfully concluded participation at the Eurosatory 2010, the world's largest meeting place for land/ air defence and security which was held in Paris between 14 and 18 June 2010.
The delegation was led by the Chief Executive Officer of the OPB Saif Mohamed Al Hajeri.
A day before the official opening of Eurosatory, the OPB announced the new policy of UAE Offset Programme during a special session held at the Intercontinental Hotel in Paris.
The session drew over 165 delegates, including high ranking officers from the GHQ of the UAE Armed Forces, members of the Embassy of the UAE in Paris, officials of the OPB and Tawazun and defence companies' representatives who converged to Paris for the event.
Eurosatory saw OPB singing a new cooperation agreement with South Africa's largest defence contractor, Denel. Under the agreement, the two sides will work together to bolster their cooperation in emerging defence and civilian industries.
The agreement was signed by Matar Ali Al Romaithi, Director of the Offset Unit at the OPB and Talib Sadik, the Group Chief Executive Officer of Denel, in presence of Saif Mohamed AL Hajeri.
"We are extremely pleased to see the first cooperation agreement signed, just two days after announcing the UAE Offset Programme's new policy. We are confident that this agreement would further strengthen our relationship and cooperation with Denel," Al Hajeri said.
Al Romaithi said the agreement with Denel will also provide for smooth and mutually beneficial fulfilment of the company's offset obligations arising from current and future procurement contracts with the UAE Armed Forces.
"Under the new offset guidelines, both sides are expected to gain benefits. The agreement is a testimony to the resounding success of the new guidelines in bringing about flexibility and ease of fulfilment for the defence contractors, while contributing to building a strong industrial base in the UAE, as well as to economic growth, diversification and comprehensive development," For his part, Sadik said Denel viewed the revised policy in a positive light and congratulated the Offset Program Bureau on releasing the new policy.
"We look forward to creating meaningful partnerships with the UAE defence industry and in particular with Tawazun and to assist in establishing the required defence capabilities in the UAE. We have given our commitment to the process in the past and will continue to do so by playing a meaningful role in assisting the UAE government to achieve its stated objectives for its defence industry as well as the broader aspiration of developing its knowledge economy," he stated.
Denel stated that it has a long standing business relationship with the United Arab Emirates and that it is looking forward to growing this relationship even further in the future.
On the Eurosatory sidelines, Tawazun Holding signed a Memorandum of Understanding (MOU) with OTO Melara, a subsidiary of Italy's Finmeccanica.
The MOU was signed during the Eurosatory exhibition in Paris by Saif Mohamed Al Hajeri and Dr. Carlo Alberto Lardella, CEO of OTO Melara. It calls for intensifying industrial cooperation and exploring joint investment opportunities.
Following the signing, Al Hajeri described the MOU as "a step in the right direction and a great boost for Tawazun's endeavours to diversify its industrial portfolio." "We are delighted to have been able to work with OTO Melara - a world leading and reputable defence manufacturer. We look forward to further enhance this cooperation in the future to help establish top of the line development and manufacturing capabilities in the UAE," added Al Hajeri. – Emirates News Agency, WAM