The Tawazun Economic Council (TEC) announced the first investment of its newly established Defence and Security Development Fund (DSDF) on 18 February, with the organisation taking a 36% equity stake in Russian automotive brand Aurus.
TEC invested AED460 million (USD125 million) in Aurus, which will be used to develop the company’s manufacturing facilities and capabilities. Aurus manufactures a range of luxury and armoured vehicles, primarily for the Russian market.
Gerhard Hilgert, CEO of Aurus, said the company is working to develop and promote its brand in the United Arab Emirates (UAE) and the Gulf region.
TEC announced the launch of the DSDF on 13 February, with an initial capital investment of AED2.5 billion.
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