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Dubai, 16 November 2023 – In a groundbreaking move to enhance knowledge sharing and promote innovation within the defense and security sectors, Tawazun Council has introduced the “Project Bank” initiative. This proactive approach aims to connect various entities across the industry, both locally and internationally, fostering an environment conducive to the exchange of ideas and expertise.

The Project Bank offers defense contractors direct access to a curated collection of pre-defined projects aligned with the UAE’s industrial requirements and technology roadmap. By providing a clear understanding of the country’s strategic priorities, this resource empowers contractors to develop innovative concepts with well-defined objectives and achievable targets.

The official launch of Project Bank took place at a Gala Dinner hosted by Tawazun Council during the Dubai Airshow 2023. The event drew the participation of senior officials, industry leaders, and representatives of local and international defense contractors, underscoring the significance of this initiative in propelling the growth and development of the UAE’s defense and security industry.

Shareef Hashim Al Hashmi, the CEO of Operation at Tawazun Council stated, “The launch of the “Project Bank” represents a dynamic addition to Tawazun Council’s strategy to support the UAE’s position in defense technology and research and development to explore promising opportunities for companies to contribute to this vital sector, achieving a competitive edge and a leading position for our nation locally, regionally, and globally.”

“The Tawazun Economic Program (the Program) places a strong focus on driving sector growth through the enhancement of national capabilities, support for acquisitions, and the promotion of local content. The Project Bank will provide a guideline for defense contractors for targeted concept development based on UAE industrial and technological needs. This commitment aligns with our duty to fortify comprehensive economic development in our nation, establish long-lasting partnerships, and boost our in-country value,” Al Hashmi added.

The program has outlined the platform’s responsibilities, which include identifying gaps within the defense industry sector, recognizing technological trends, and enabling innovative ideas and projects from both national and international companies.