Tawazun Holding, the investment arm of Offset Programme Bureau (OPB), and Bin Jabr Group have formed a joint venture company for the development of Nimir military vehicle.
Nimir is an off-road extreme utility military vehicle, designed and manufactured by Bin Jabr Group through its facility in Jordan. The factory, which is designed and equipped to produce 1,000 vehicles a year, will be enhanced by the new company to help increase its production capacity. The company, after it is established and named, will also set up a similar manufacturing plant in Abu Dhabi.
Under an agreement signed between the two parties at Idex yesterday, Tawazun will own 60 per cent interest in the joint venture company. Bin Jabr will transfer all intellectual property rights, including patents, know-how and trademarks related to Nimir vehicle, to the new company.
When contacted, officials at Tawazun refused to disclose the total value, its initial capital and the value of the 60 per cent state.
The two sides expressed their desire to reach a final agreement for the establishment of the venture, following exploration of viability and after closing the ongoing negotiations. The joint venture is the 10th agreement announced by Tawazun at the exhibition since its opening on Sunday.