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Russian Helicopters to unveil new Rotorcraft at Dubai Airshow. Image Courtesy: Russian Helicopters
Abu Dhabi-based Strategic Development Fund (SDF) has signed an agreement to exit and unwind Aeroter PTE Ltd, its partnership with Russian Helicopters, a helicopter design and manufacturing company.
SDF is the investment arm of Tawazun Economic Council, a UAE government entity which works with Abu Dhabi Police the Ministry Defence and Security Agencies of the UAE.
The partnership is related to the development of the VRT500, a light-weight helicopter, and the VRT300 co-axial unmanned vehicle (UAV), an unmanned helicopter, which can be used in Arctic conditions or for support of maritime vessels, according to trade magazines reports.
SDF said it paused any further investments in Russia in 2022 following the start of the ‘international crisis’, understood to refer to the Russian invasion of Ukraine, to assure compliance with international sanctions.
The fund said it had also initiated discussions and negotiations with Russian Helicopters, part of Russia’s largest industrial conglomerate Rostec State Corporation, to unwind the partnership in order to develop the programme independently in the UAE.
The two parties signed an agreement Tuesday so that SDF can develop the programme independently while complying with international sanctions, the statement concluded.
Russian Helicopters also debuted its Kamov Ka-32A11M firefighting and rescue operations craft at Dubai Airshow this week.
(Reporting by Imogen Lillywhite; editing by Seban Scaria)
