U.S. defense giant Raytheon sets up subsidiary in UAE capital
DUBAI, Dec. 7 (Xinhua) -- U.S. defense and technology firm Raytheon Company said on Thursday that it has formed Raytheon Emirates, a new and wholly-owned subsidiary headquartered in the capital of the United Arab Emirates (UAE).
New York-stock listed Raytheon said Raytheon Emirates will employ local workforce and contribute to the Gulf state's economic diversification.
"The establishment of Raytheon Emirates is a strong step forward in our long standing alliance with UAE," said Thomas Kennedy, Raytheon Company Chairman and CEO.
He added that "through partnerships with government, industry and academia, Raytheon is committed to helping the UAE achieve its economic goals while providing trusted, innovative solutions that support the nation's defense and security requirements."
Kennedy met on Wednesday Sheikh Mohamed bin Zayed Al-Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, and discussed ways to enhance cooperation between Raytheon and UAE companies.
The new subsidiary will oversee Raytheon's operations in the UAE by leveraging capabilities and resources in the fields of cyber security, effectors, air defense and sustainment, and advanced technology.
"We focus on expanding the capabilities of Raytheon and its business partners in the UAE by emphasizing local hiring and talent development, cultivating a strong supplier base, and developing new technology solutions," said John Brauneis, the chief executive of Raytheon Emirates.
Raytheon Emirates is based in Al Maryah Island, and plans are underway to establish operational branches in other areas of Abu Dhabi.[ Editor: meng ]