Nimr welcomes new investors

ABU DHABI - The UAE’s military vehicle makers, Nimr Automotive, has inducted two new investors into its fold, allowing them a 40 per cent shareholding.



By (Staff Report)

Published: Tue 23 Oct 2012, 10:33 PM

Last updated: Tue 7 Apr 2015, 2:49 PM

Centurion Investment will have a 35 per cent share while the Bin Jabr Group will own five per cent. Nimr will retain the 60 per cent majority. The arrangement is expected to further increase its international footprint and boost production capacities.

The new agreement between the three organisations was signed at Tawazun Holding’s headquarters by Tawazun Holding CEO Saif Mohammed Al Hajeri, Centurion chairman Saeed Mohammad bin Butti Al Qubaisi and Nimr honourary chairman and Bin Jabr Group chairman Saeed bin Jabr Al Suwaidi.

Historically, the Bin Jabr Group first started developing tactical military vehicles in 1997. By the time the international market began developing the concept of next-generation tactical vehicles, the UAE had already tested nine different variants of the vehicle.

Bin Jabr joined forces with Tawazun as Nimr Automotive’s secondary shareholder and, in 2008, the company sold 500 vehicles to the General Headquarters, or GHQ, of the UAE Armed Forces.

“A joint collaboration with Tawazun and Centurion will see us take the Nimr product further, adding to its potential in global markets,” Al Suwaidi said.

“The UAE is increasingly — yet steadily — establishing itself as an industrial hub producing world-class products, and Tawazun remains focused on encouraging the private sector to invest in the nation’s booming strategic manufacturing industry,” Al Hajeri said.

Nimr has gone from strength to strength since it first began operations. The UAE-based company has been providing a portfolio of products to address the needs of armed forces and internal security organisations. The military vehicle maker has signed contract orders for 1,800 vehicles for international armed forces, including the UAE GHQ and Ministry of Interior.

Earlier this year, Nimr expanded its presence in the African defence market with a joint venture agreement with Groupement de la Promotion de l’Industrie Mecanique.

haseeb@khaleejtimes.com


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