Tawazun’s Defense and Security Development Fund and Tawazun Industrial Park are collaborating through a new program that will support National private SMEs operating in the Defense and Security sector and ensure their effective contribution to economic development in the United Arab Emirates.
The new SME’s leasing program is in the planning phase and execution and registration will begin early 2020 where Tawazun Industrial Park, will provide 75,000 SQM of its land area and manage the construction and leasing, while the Defense and Security Development Fund will fund the development of industrial facilities for SMEs. The program is aimed to attract National SMEs specialized in advanced manufacturing and developments in the Defense and Security sectors through providing facilities at incentivized rates.
Abdulla Naser Al Jaabari, Chief Officer and head of Defense and Security Development Fund said that the Fund would work on developing the area in four phases starting 2020. Each phase will consist of a number of facilities aimed at National private SMEs. He confirmed that the Fund has developed a set of criteria that must be met by the companies seeking to benefit from its services in this field. To be qualified, the companies must be defined as SMEs – as per the Ministry of Economy’s definition.
Al Jaabari explained that the project aims at creating an appropriate investment environment for SMEs and enhance their operational capabilities in the future.
Eng. Faiz Saleh Al Nahdi, Chief Executive Officer of Tawazun Industrial Park, shared that the program is another step towards the Nation’s 2030 Vision and encourages and facilitates the development of the key small to medium scale industries in the Defense and Security sector, which will positively contribute towards the country’s economic diversification and growth.
Al Nahdi mentioned that the collaboration is in line with Tawazun Industrial Park’s vision of creating comprehensive clusters around the strategic and critical defense and security sector by offering world-class infrastructure and highly specialized real estate to serve the needs of this sector. Tawazun Industrial Park is a unique regional industrial hub hosting the defense & security industry in its highly secure and safe community. It is already home to 20 leading national and international companies in the sector.