UAE-based EDGE has signed a new Joint Venture (JV) agreement with Indra to develop and manufacture next-generation radar systems in the UAE.
It is said that the new business will be granted prime rights for current and future non-NATO and non-EU orders awarded to Indra.
H.E. Faisal Al Bannai, Chairman of EDGE, said: “We see tremendous value in building relationships which will spur growth and bring tangible benefits to all parties. Our new joint venture with Indra, as a global market leader in the field of advanced radar technologies, will enable us to combine the strengths of both companies to create an entity which will become a major industry-player in this sector. We are confident that this strategic partnership will prove to be a highly successful one.”
Marc Murtra, Chairman of Indra, said: "This agreement between the two companies can create one of the world's leading players in the field of radar technology and is a step forward in Indra's international expansion strategy. With strategic initiatives such as this, we are making decisive steps in key vectors of our Strategic vision 2024-2026: technological leadership, international growth and partnerships building ".
Speaking at the official signing ceremony at the Ministry of Defense in Madrid, EDGE Group Managing Director & CEO, Hamad Al Marar, said: “This new joint venture with one of Europe’s top three defense technology players in this sector will enable EDGE, in partnership with Indra, to significantly expand and diversify the scope of its offerings through knowledge sharing, and the development and manufacture of advanced radar systems to customers around the world.
“In line with our strategy for growth through mutually beneficial partnerships, we are fully committed to this venture, which will be built on both companies’ existing reputation for excellence, and which will enable us to combine our strengths to drive innovation, develop sovereign capabilities, and expand market reach, while contributing to the technological advancement and economic growth of the UAE, and Spain.” he added.
José Vicente de los Mozos, CEO of Indra, said: "The JV between Indra and EDGE Group will be recognized for its capacity for innovation and the use of the most sophisticated technologies. This JV will help us to expand our geographical reach and our international mindset in our Defense business and will increase our proximity to the global clients. We in Indra are convinced that this JV will create new significant business opportunities in new markets. This agreement is one more asset of the Industrial and Strategic Plan "Leading the Future" that will be presented on March 6th, a decisive strategic transformation milestone for Indra”
The companies shared the following regarding the Joint Venture (JV):
“The JV will place a strategic focus on the continued development of sophisticated technologies, innovation, and global market expansion by targeting untapped and fragmented non-NATO markets outside of the European Union. EDGE will bring its commercial strength and technology building blocks, while Indra will enhance the new company’s capabilities by transferring technology, and shifting some engineering, commercial, and manufacturing capabilities to the JV.
The JV will also focus on building a team of highly qualified personnel in the UAE, particularly in sales and engineering roles, by leveraging local Emirati, as well as global talent, ensuring sustainable operational excellence and innovative output.”
📌UAE-based @_edgegroup has signed a new Joint Venture (JV) agreement with @IndraCompany to develop and manufacture next-generation radar systems in the UAE.
🔗https://t.co/aIdOsK9MWF pic.twitter.com/QmLFNYCHdR— Defensehere (@defensehere_en) March 5, 2024
