UAE’s Tawazun fund buys 20% share in Sharjah’s Marakeb Technologies

By Amirtha P S, Desk Reporter
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Marakeb Technologies
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Strategic Development Fund (SDF), the investment arm of Tawazun Economic Council, has acquired 20 percent in company shares in Marakeb Technologies, Sharjah-based unmanned technology experts, increasing their stake to 50 percent in the locally founded company.

In 2019, SDF announced a 30 percent investment in Marakeb Technologies in line with its commitment to develop the defense and security industry in the UAE and towards the country’s GDP.

Marakeb Technologies is an emerging and fast-growing Emirati firm, offering products based on advanced technologies that would contribute towards achieving the SDF’s goals and developing the technology sector of UAE.

During the Dubai Airshow, one of the largest and most successful air shows in the world, SDF and Marakeb Technologies will exhibit their innovations at Tawazun’s stand.

Basel Shuhaiber
Basel Shuhaiber
CEO – Marakeb Technologies

“On joining forces with SDF, the extended support and funding thrust our research abilities and performance, and consequently the development of our autonomous system from maritime applications to become a platform-agnostic system that has been applied to several aerial, ground and maritime ventures in the Middle East and Europe.”

“Our further investment in Marakeb hopes to see additional improvement on several fronts, such as greater manufacturing and R&D capabilities, a wider market reach and network, and reiterating our support for Emiratization by acquiring local talent,” said Mr. Abdullah Nasser Al Jaabari, Managing Director and Chief Executive Officer of the Strategic Development Fund.

Marakeb Technologies first debuted its autonomous capabilities in 2014, presenting an Unmanned Surface Vessel (USV). Since then, the firm developed and patented its modular autonomous conversion device, the MAP Pro, for integration onto any maritime vessel. The potential of the autonomous systems and capabilities owned by Al Marakeb was one of the main reasons for the fund’s decision to increase its investment.

Related: Sharjah’s AMI secures $57mn funding from European firm Soudal Group