The United Arab Emirates (UAE) has announced the creation of a national state-controlled defence group through the merger of some of the military organisations of the Mubalada Development Company, Tawazun Holdings, and Emirates Advanced Investments Group (EAIG).
The announcement of the Emirates Defence Industries Company (EDIC) was announced on 2 December. To be jointly controlled by Tawazun and Mubadala, it is to commence trading in January 2015.
The 2 December decision follows the signing of a memorandum of understanding (MoU) in May this year to explore the creation of a merger. […]