South Africa’s Paramount Group will set up a joint venture (JV) with UAE’s International Golden Group (IGG) in the wake of the increasing demand for the company’s IED and mine protected armoured vehicles from Gulf countries.
The JV will bolster Paramount’s presence in the Gulf, however, the partnership will focus initially on the UAE market with introduction of some armoured vehicles pioneered in South Africa.
IGG will introduce, market and distribute key equipment and Paramount vehicles including its new Paramount low-profile vehicle (PLPV) to the Middle East.
The new JV in the medium term will focus on sharing technology and strengthening economic and political ties between South Africa and UAE.
In the longer term the JV will concentrate on establishment of manufacturing bases in the UAE to serve the Middle East and Asian markets.
Paramount Group executive chairman Ivor Ichikowitz said the JV reflected the realities of current global politics that drives armed forces and governments to plan for future conflict by sourcing new technology to face the changing threats.