Nimr attracts new shareholder to its growing business

Abu Dhabi, Oct 23, 2012 (WAM) - Following the success it has achieved in the United Arab Emirates and in international markets, Tawazun Holding subsidiary and defence vehicle manufacturer, Nimr Automotive, has announced the addition of Centurion Investment, a firm based in the UAE, as Nimr's newest strategic shareholder. Centurion now joins Tawazun Holding and Saeed bin Jabr Al Suwaidi as third shareholder. It is expected that with this new agreement, Nimr will further increase its international footprint and boost production capacities. The new agreement between the three organisations was signed at Tawazun Holding's headquarters by Saif Mohammed Al Hajeri, CEO of Tawazun; Saeed Mohammad bin Butti Al Qubaisi, Chairman of Centurion Investment and; Saeed bin Jabr Al Suwaidi, Honorary Chairman of Nimr Vehicles and Chairman of Bin Jabr Group. With the addition of Centurion Investment, Tawazun will retain its 60% stake, Centurion will own 35% and Saeed bin Jabr Al Suwaidi will own 5%. Historically, the Bin Jabr Group first started developing military tactical vehicles back in 1997, with the first prototype being unveiled at the biennial defence trade show, IDEX, in 1999. By the time the international market began developing the concept of next-generation tactical vehicles, the UAE had already tested nine different variants of the vehicle. Bin Jabr joined forces with Tawazun Holding as Nimr Automotive's secondary shareholder, and in 2008, the company sold 500 vehicles to the General Headquarters (GHQ) of the UAE Armed Forces. Saeed Bin Jabr Al Suwaidi, original founder and Honorary Chairman of Nimr Vehicles and Chairman of the Bin Jabr Group said: "A joint collaboration with Tawazun and Centurion will see us take the Nimr product further, adding to its potential in global markets." Saif Mohammed Al Hajeri, CEO of Tawazun said: "The addition of Centurion Investment to Nimr's ownership is a significant occasion for us. The UAE is increasingly - yet steadily - establishing itself as an industrial hub producing world-class products, and Tawazun remains focused on encouraging the private sector to invest in the nation's booming strategic manufacturing industry. "The growth and success Nimr has witnessed since it was founded with Bin Jabr has allowed us today to attract the trust and confidence of Centurion. With this renewed investment commitment, Nimr will be able to further extend its reach international footprint and boost its production capacity to meet increased demand. This agreement will allow us create more employment opportunities for UAE Nationals, and strengthen both the nation's human and overall strategic manufacturing capabilities," he added. Nimr's strong client base and its increased presence in the international market was what initially attracted Centurion Investment to joining Nimr. Saeed bin Butti Al Qubaisi, Chairman of Centurion Investment said: "It is our honour and pleasure at Centurion to become a strategic partner in Nimr Automotive, striving to maintain the innovation and industrial achievements of the brand.". Nimr has gone from strength to strength since it first began operations. The UAE-based company has been providing a portfolio of products to address the needs of armed forces and internal security organisations since 2007, and which have attracted the attention of buyers from around the world. To date, Nimr has signed contract orders for 1800 vehicles for international armed forces, including the UAE GHQ and Ministry of Interior. Earlier this year, Nimr expanded its presence in the African defence market with the inking of a joint venture (JV) agreement with Groupement de la Promotion de l'Industrie Mecanique (GPIM), a company under the Algerian Ministry of National Defence’s Direction des Fabrications Militaires (DFM), designed to create a new Algerian-based defence vehicle manufacturer. The JV - which will see the new company produce defence vehicles in Algeria under license from Nimr - means that the UAE is now exporting its advanced defence technology know-how to other markets around the world. This year also saw announce that it has been issued the prestigious STANAG 4569 Level 3' certification by an independent testing authority for its newest vehicle, the Nimr 6x6 Defence Personnel Carrier (APC). With this newly acquired certificate, Nimr is now able to produce 6x6 vehicles that have Level 3 mine and ballistic defence solutions for optimum terrain performance, as defined by NATO. It is the first time that a 6x6 defence personnel carrier created in the Middle East region has achieved such status. This vehicle will be unveiled for the first time ever at the next IDEX which is taking place in Abu Dhabi from February 17-21 2013. – Emirates News Agency, WAM