The Paramount Group has announced a major joint venture with Jordan’s King Abdullah II Design and Development Bureau Investment Group (KIG) that will cover the production of armoured vehicles and aerospace solutions.
The joint venture, known as Arabian Defence Industries (ADI), was announced on Monday by Ivor Ichikowitz, Paramount Group Executive Chairman, at SOFEX (Special Operations Forces Exhibition) in Jordan. “This is a major strategic venture…The idea is to make Jordan an exporter of defence technologies, especially since the country has a great pool of talented human resources and solid experience,” Ichikowitz said.
ADI will produce the Mbombe combat vehicle and offer to the Middle East aerospace solutions such as the modernisation of Hawk trainers and the upgrade of Mi-17, Mi-24 and Super Puma helicopters. Production of armoured vehicles and other equipment will start in Jordan in the next 12 to 13 months, reports the Jordan Times. KIG programmes will include the Stallion II, the Dawsar 8×8 vehicle and a 105 mm self-propelled gun.
“The venture seeks to meet the regional needs for such vehicles and aircraft, especially the Mbombe…Jordan will be exporting these vehicles and others, a project that will create scores of jobs for talented Jordanians,” Ichikowitz said.
“The venture will significantly benefit Jordan and will utilise latest equipment and know-how of KADDB in this regard,” said Ahmad A Sallakh, chief executive officer of KIG.
“ADI brings together leaders in defence and aerospace innovation in a strong and unique partnership, which will deliver world class technologies and solutions, from the latest in armoured vehicle technologies to sophisticated aerospace technologies, including modernisation and upgrade capabilities of lighter and rotary wing aircraft for the specific requirements of defence forces in the region. ADI is the nucleus of an Arabian defence company that will invite other partners to participate and become the preeminent Arabian defence player,” said Shadi Ramzi Al Majali, chairman of KIG.
Ivor Ichikowitz, executive chairman of Paramount Group, commented: “Through ADI it is our intention to transfer skills, technology and advanced defence capability into the Middle East. It is our intention to develop manufacturing facilities, establish research and development facilities, and create a strong Middle East/African partnership that will be extremely beneficial as these two regions come together,” said Ickhikowitz.
Paramount has been expanding its activities around the world and late last year revealed it was teaming up with Kazakhstan to manufacture armoured vehicles in that country.