UAE buys 50% stake in Russian ‘VR Technology’

MOSCOW, Feb. 22 (YPA) – Russia and the United Arab Emirates (UAE) concluded a deal under which the Emirati company ‘Tawazun’ buys a 50 percent stake in the Russian helicopter manufacturer (VR Technology), “Russia Today” TV channel said on Monday.

VR Technology is affiliated with a Russian aircraft company that was established in 2014 to develop helicopters and unmanned aerial vehicles.

According to “Russia Today’, the Russian Minister of Industry and Trade Denis Manturov told reporters that the deal is worth 400 million euros (442 million dollars).

“The State Committee for Foreign Investments recently held a meeting on this issue,” Manturov said, adding, “Our colleagues plan to complete the deal before May.”

The agreement gives the UAE company equal representation on the board of VR-Technologies.

It has also been revealed that the UAE is planning to acquire 100 VRT 300 and VRT 500 helicopters for the police force.

YPA