The agreement was announced by RT. VR-Technologies is a subsidiary of Russian Helicopters and was founded in 2014 to develop helicopters and unmanned aerial vehicles (drones).
According to RT, Russian Minister of Industry and Trade Denis Manturov told reporters that the deal was worth $ 442 million.
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“The government committee on foreign investment recently held a meeting on the matter,” said Manturov.
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He added, “Our partners plan to finalize the deal before May.”
The agreement signed by Russian Helicopters Director General Andrey Boginsky and Director General Tawazun Tareq Abdul Raheem Al Hosani gives UAE companies equal representation on the VR-Technologies board.
In addition, it was revealed that the UAE plans to procure 100 VRT 300 and VRT 500 helicopters for its police force.
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