UAE investment firm Tawazun Holding, a subsidiary of The Offset Program Bureau, have acquired 26% of the shares in International Golden Group (IGG), a regional defense product and system supplier .
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More details from Emirates News Agency follows
Tawazun Holding and International Golden Group PJSC (IGG) have entered into agreements in 2010 whereby, Tawazun will acquire 26% of the shares in IGG, a leading regional defense product and system supplier (such as in the areas of security and maritime services).
Saif Mohamed Al Hajeri, Chief Executive Officer of Tawazun Holding, said: "With its product portfolio in defense and security, IGG is one of the key contributors to security preparedness in the UAE. IGG and Tawazun Holding have complementary strategies, networks and business models that enable us to align to develop our mutual capabilities in the future." Fadil Al Kaabi, Chief Executive Officer of IGG, commented: "IGG is directly aligned with Tawazun Holding's vision of supporting the long-term development of industrial capabilities in the UAE. This strategic partnership will enable us to use our combined efforts to invest in innovation and pursue growth opportunities."
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