Abu Dhabi, Utd Tech in military aircraft repair JV

ABU DHABI, July 19 (BestGrowthStock) – Abu Dhabi and U.S.-based
United Technologies (UTX.N: ) plan an $800 million military
aircraft maintenance and repair joint venture based in the
United Arab Emirates to serve the UAE and other countries.

The Advanced Military Maintenance, Repair and Overhaul
Centre (AMMROC), announced on Monday by Abu Dhabi state
investment group Mubadala, will be set up through Abu Dhabi
Aircraft Technologies (ADAT), a wholly-owned unit of Mubadala,
and Sikorsky Aerospace Services, part of Sikorsky Aircraft Corp.
which is a subsidiary of U.S. defence company United
Technologies Corp.

Reuters reported last week that Mubadala and Sikorsky were
close to announcing the venture. [ID:nLDE66A02C]

Initially, AMMROC will share existing ADAT facilities and
support staff until completion of its new complex at the Al Ain
International Airport, near Abu Dhabi and will maintain an
on-site presence at the UAE Armed Forces’ bases, a statement
from Mubadala said.

Some 1000 new jobs are expected to be created in the UAE in
the first five years of operation, it said.

(Reporting by Stanley Carvalho, Editing by Andrew Callus)

Abu Dhabi, Utd Tech in military aircraft repair JV