(NSI News Source Info) ABU DHABI - February 26, 2009: Tawazun Holding and Bin Jabr Group for Holding Industries LLC have signed a Memorandum of Understanding (MoU) for 
collaboration on setting up a joint venture company for the development of NIMIR vehicle. NIMR is an off-road extreme utility military vehicle, designed and manufactured by Bin Jabr Group through its facility in Jordan which is designed and equipped to produce 1,000 vehicles a year, with a further room of future expansion.
collaboration on setting up a joint venture company for the development of NIMIR vehicle. NIMR is an off-road extreme utility military vehicle, designed and manufactured by Bin Jabr Group through its facility in Jordan which is designed and equipped to produce 1,000 vehicles a year, with a further room of future expansion. Under the terms of the MoU, Tawazun will own 60 percent interest in the joint venture company. Bin Jabr will transfer all intellectual property rights, including patents, know-how and trademarks related to NIMIR vehicle, to the new company. The two sides also expressed their desire to reach a final agreement for the establishment of the venture, following exploration of viability and after closing the ongoing negotiations.
H.E. Saif Mohamed Al Hajeri, Chief Executive Officer of Tawazun, stated, "We are very excited about our joint venture with Bin Jabr Group. The future of auto industries in the UAE looks very promising, thanks to Bin Jabr's Nimir vehicle which has proven its worth by setting a new standard of excellence in military 4x4 and 6X6 vehicles."
Al Hajeri praised the personal keenness and efforts made by Saeed Bin Jabr Al Suwaidi, owner and president of Bin Jabr Group, who spearheaded the initiative to produce the first vehicle by Emarati hands and who, single-handedly achieved the uphill task of attending to every details throughout the vehicle's design and development stages.
"We are confident that together, we can secure new opportunities that will add a substantial value to both of our companies," he added. Saeed Bin Jabr Al Suwaidi stated "We are very excited with this joint venture and believe that it will allow us to develop new generation NIMR vehicles that can compete with international future vehicle programs.
Through hard work, dedication, and the wisdom and support of the UAE decision makers we are witnessing the birth of the first designed and built UAE military vehicle. ''In addition to that we are very pleased with the initiative taken by Tawazun for establishing a high-tech manufacturing industrial complex and developing future technical and engineering local expertise, which will in turn propel the growth of this program forward." Hamad Al Marar, Projects Analyst at Tawazun, said a working group with representative from the two sides will be formed under the MOU to complete the business plan for the new company and to put the finishing touches to the final agreement.
"The MoU paves the way for Tawazun to join the highly advanced auto industries through joint development of NIMR vehicle, added Al Marar.
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