Sheikh Rashid Bin Ahmed Al Maktoum, Chairman of RAM Investment, has signed a cooperation agreement with Hungarian-owned Genevation Aircraft to invest in advanced aerospace product development in line with the UAE’s ‘Operation 300bn’. Launched last year, Operation 300 billion aims to make the industrial sector the main driver of UAE’s economy, contributing 300 billion dirhams to the GDP by 2031, more than doubling its current contribution.
Sheikh Rashid Bin Ahmed Al Maktoum commented on the partnership, saying: “The team at Genevation are true visionaries, much like our great nation, bringing ideas to life through their advanced technological capabilities. We’re excited to be working with the team, bringing industry pioneers to the region.”
“Our vision and values are well aligned with those of the United Arab Emirates and we see the UAE as an ideal strategic base to expand into the region,” said Viktor István Szabó, Managing Director of Genevation AircrafT.
Operation 300bn, a 10-year comprehensive national strategy led by the Ministry of Industry and Advanced Technology, aims to empower and expand the industrial sector to become the driving force of a sustainable national economy with an increasing contribution to the GDP. The program invites innovative companies to have the opportunity to operate in and contribute to the UAE’s future and vision.
Genevation Aircraft will officially launch in the UAE in early 2023, starting with a manned drone for sporting and private ventures.