Golden ventures

Monday, 23 February, 2009

The International Golden Group (IGG) (UAE Pavilion in Hall 5, Stand A40) has announced the formation of a strategic partnership with General Dynamics, AM General, NORINCO, Saab Bofors Dynamics and Flir, to enhance the company’s strength in the diverse defence technology market. The agreements provide IGG with the opportunity to release new products and capabilities, drawing on the expertise of its new partners.

IGG also announced the formation of a company called Golden Advanced Land Systems (GALS), which will focus on manufacturing high-end land system products through technology transfer. GALS is a joint venture between IGG and Emirates Advance Investments, which have extensive experience in their respective areas. It will also cover upgrades and modernisation programmes.

At IDEX, IGG signed a contract worth AED789m (US$215m) with an undisclosed German company for the transfer of technology under which lightweight Remote Controlled Weapon Stations (RCWS) will be supplied to the UAE Armed Forces. IGG has already assigned a team of engineers, technicians and other specialists, which will enable the first production RCWS to be delivered from Abu Dhabi by the end of this year. It has also formed a consortium with an unnamed US supplier of infrastructure protection technology in a deal worth AED510m (US$140m). Under the deal, IGG will manufacture and assemble 80 per cent of the subcomponents in the UAE.

While its first market is the UAE, IGG’s vision is to grow its market share into other countries of the GCC, as well as reinforcing its position as the supplier of choice for air, land and sea equipment.

Fadel Al Kaabi, CEO of IGG, and Tomas Samuelsson, president of Saab Bofors Dynamics, sign a strategic partnership agreement at IDEX