Abu Dhabi's Offset Program attracts 50 projects worth AED 6 billion

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Abu Dhabi's Offset Program attracts 50 projects worth AED 6 billion
WAM ABU DHABI: Matar Ali Al Romaithi, Matar Ali Al Romaithi, Chief Officer - Industrial Development Unit at Offset Program Bureau (OPB) said 50 projects worth AED 6 billion were attracted by Bureau in the UAE between 1992 and late 2010.

"OPB is now considering new feasibility studies it received from global arms manufacturers for 10 more potential projects in Abu Dhabi," Al Rumaithi told reporters on the sidelines of the Abu Dhabi International Offset Conference (ADIOC 2011) which opened today at the Emirates Palace Hotel in Abu Dhabi.

He said 16 new companies are now in talks with Tawazun about the Offset Program which they will implement upon being awarded defence equipment contracts for the UAE.

The Offset Program Bureau (OPB) was established in 1992 to oversee the offset program in the UAE. It is mandated to set up joint ventures, as well as to invest in commercial, industrial, financial, and educational projects and to create investment funds in the UAE and abroad. OPB also acts as a conduit between international contractors and local private sector for creation of commercially viable, profitable and sustainable joint ventures.

WAM/MMYS