SITUATION REPORT

UAE.: Crown Prince Announces Formation of Defense Conglomerate

1 MIN READNov 5, 2019 | 19:33 GMT

Abu Dhabi Crown Prince Mohammed bin Zayed Al Nahyan has announced the formation of a new Emirati defense conglomerate consisting of 25 domestic firms, dubbed Edge, CNBC reported Nov. 5....

What Happened: Abu Dhabi Crown Prince Mohammed bin Zayed Al Nahyan has announced the formation of a new Emirati defense conglomerate consisting of 25 domestic firms, dubbed Edge, CNBC reported Nov. 5.

Why It Matters: The announcement is part of the United Arab Emirates' strategy to streamline its domestic defense industry like other regional powers, such as Saudi Arabia. Abu Dhabi is hoping that the formation of a conglomerate will result in better equipment for its armed forces, enhance its national security and spur exports to regional partners, as well as countries in Africa and Asia.

Background: Streamlining the Emirati defense industry is part of a long-term process to diversify the country's economy away from oil and natural gas and provide jobs in lucrative, future-oriented industries to its youth population.

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