UAE Offset-Denel deal set to attract capital - Emirates Business 24|7

The UAE Offset group said yesterday it had signed an agreement with arms producer Denel to attract capital from the South African company into the country's economy under weapons offset transactions.

The Offset Programme Bureau (OPB) said it inked the deal after its "successful" participation in Eurosatory 2010, the world's largest gathering of land and air defences, which was held in Paris during June 14-18.

Matar Ali Al Romaithi, Director of the Offset Unit at the OPB, and Talib Sadik, the Group Chief Executive Officer of Denel, signed the agreement, the first of its kind between the UAE's Offset group and a major South African arms maker.