Abu Dhabi, Utd Tech in military aircraft repair JV
The deal is expected to create some 1000 new jobs in 5 years
Abu Dhabi and US-based United Technologies plan an $800 million military aircraft maintenance and repair joint venture based in the UAE to service the UAE and other countries.
The Advanced Military Maintenance, Repair and Overhaul Centre (AMMROC), announced on Monday by Abu Dhabi state investment group Mubadala, will be set up through Abu Dhabi Aircraft Technologies (ADAT), a wholly-owned unit of Mubadala, and Sikorsky Aerospace Services, part of Sikorsky Aircraft Corp which is a subsidiary of U.S. defence company United Technologies Corp.
Reuters reported last week that Mubadala and Sikorsky were close to announcing the venture.
Initially, AMMROC will share existing ADAT facilities and support staff until completion of its new complex at the Al Ain International Airport, near Abu Dhabi and will maintain an on-site presence at the UAE Armed Forces' bases, a statement from Mubadala said.
Some 1000 new jobs are expected to be created in the UAE in the first five years of operation, it said.