icon bookmark-bicon bookmarkicon cameraicon checkicon chevron downicon chevron lefticon chevron righticon chevron upicon closeicon v-compressicon downloadicon editicon v-expandicon fbicon fileicon filtericon flag ruicon full chevron downicon full chevron lefticon full chevron righticon full chevron upicon gpicon insicon mailicon moveicon-musicicon mutedicon nomutedicon okicon v-pauseicon v-playicon searchicon shareicon sign inicon sign upicon stepbackicon stepforicon swipe downicon tagicon tagsicon tgicon trashicon twicon vkicon yticon wticon fm

Russia’s Rostech cooperates with UAE strategic developer to produce new light helicopters

Russia’s Rostech cooperates with UAE strategic developer to produce new light helicopters
The Russian government commission that examines foreign investments has approved a deal reached between VR-Technologies (VRT), a subsidiary of Russian Helicopters, and the Abu Dhabi-based Tawazun Strategic Development Fund.

According to the press office of the Russian government, the joint venture is aimed at developing and manufacturing new helicopter models designed by the Russian company.

VR Technologies, a unit of Russian Helicopters, is operated by Russia’s state-owned Rostech corporation. The subsidiary, set up in 2014, develops helicopters and unmanned aerial vehicles. Strategic Development Fund, an investment arm of Tawazun Economic Council, reportedly focuses on financial return and economic impact within strategic sectors.

Also on rt.com India wants more trade with Russia going beyond traditional sectors

The parties announced plans for the joint venture as early as in November 2019. Back then, the companies said that that the defense and security industry development arm of the United Arab Emirates had been planning to take a 50-percent stake in VR Technologies.

The enterprises agreed to investing $442.6 million, with the deal also affording Tawazun equal representation on the board of VR Technologies.

READ MORE:Russia looks to become leader in hydrogen tech

The joint venture could see the launch of an assembly line in the UAE for the VRT-500 helicopter, a light helicopter currently under development by VR Technologies, the director-general of Russian Helicopters Andrey Boginsky told journalists after the deal was signed.

The first flight of the VRT-500 is reportedly scheduled for first quarter of 2020, with the company targeting sales of up to a thousand VRT-500s by 2035.

For more stories on economy & finance visit RT's business section

Dear readers and commenters,

We have implemented a new engine for our comment section. We hope the transition goes smoothly for all of you. Unfortunately, the comments made before the change have been lost due to a technical problem. We are working on restoring them, and hoping to see you fill up the comment section with new ones. You should still be able to log in to comment using your social-media profiles, but if you signed up under an RT profile before, you are invited to create a new profile with the new commenting system.

Sorry for the inconvenience, and looking forward to your future comments,

RT Team.