Tawazun's Strategic Development Fund has increased its stake in Marakeb Technologies, maker of the B7 unmanned surface vessel. (Al Marakeb)
The UAE's Strategic Development Fund (SDF) announced on 13 November that it had increased its stake in naval systems technology firm Marakeb Technologies from 30% to 50%.
The SDF, which is administered by the UAE's Tawazun, announced at the 2019 edition of the IDEX trade show that it had acquired a 30% stake in Marakeb Technologies for an undisclosed amount.
“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 Emiratisation by acquiring local talent,” said Abdullah Nasser Al Jaabari, managing director and chief executive officer of SDF.
Marakeb Technologies designs and develops unmanned surface vessels for use in roles such as surveying and security, having previously released a 7 m vessel in 2015, the B7. Further development has seen the company produce a larger variant, the B10, and the B7X – an optionally manned variant of the B7.
Through its work in developing these systems, the company has gained extensive experience in artificial intelligence.
Marakeb Technologies' platforms and systems have been used in a variety of civil and military settings, including port and airport security. International partners include Italian firm Fincantieri as well as Saudi Arabia's Prince Sultan Defence Studies & Research Centre.
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