India markets closed
  • BSE SENSEX

    48,832.03
    +28.35 (+0.06%)
     
  • Nifty 50

    14,617.85
    +36.40 (+0.25%)
     
  • USD/INR

    74.4790
    -0.3310 (-0.44%)
     
  • Dow

    34,200.67
    +164.68 (+0.48%)
     
  • Nasdaq

    14,052.34
    +13.58 (+0.10%)
     
  • BTC-INR

    4,599,194.00
    -136,516.00 (-2.88%)
     
  • CMC Crypto 200

    1,398.97
    +7.26 (+0.52%)
     
  • Hang Seng

    28,969.71
    +176.57 (+0.61%)
     
  • Nikkei

    29,683.37
    +40.68 (+0.14%)
     
  • EUR/INR

    89.2870
    -0.2967 (-0.33%)
     
  • GBP/INR

    103.0151
    -0.1211 (-0.12%)
     
  • AED/INR

    20.2330
    -0.0900 (-0.44%)
     
  • INR/JPY

    1.4579
    +0.0072 (+0.50%)
     
  • SGD/INR

    55.8260
    -0.2350 (-0.42%)
     

TAWAZUN STRATEGIC DEVELOPMENT FUND LLC and TITOMIC LTD Sign MOU to Collaborate Towards Setting up an Advanced Industrial Scale 3D Printing Manufacturing Facility in the United Arab Emirates

·2-min read

Tawazun and Australian company TITOMIC have signed an MOU to assess the potential of setting up a joint venture between the parties to establish a local manufacturing line in order to produce advanced 3D printing technologies for large products and components at industrial scale for a variety of industries mainly focusing on aerospace, defence oil and gas and mining in UAE.

TITOMIC is an Australian listed public company (ASX:TTT) that utilises patented additive manufacturing (3D Printing) technology with a reduced carbon footprint, robotic automation, Industry 4.0, and specialty materials expertise to create high-performance products and solves complex engineering challenges.

The advanced technology additive manufacturing (3D Printing) plant will employ next-generation Industry 4.0 methods and industrial-scale automated production using high-performance metal alloys, including titanium, for a variety of industry applications. The potential joint venture between the parties will provide industrial scale 3D printing capability for the region. In addition, the 3D printing and manufacturing plant would also act as the distributor and after sale services center for TITOMIC products.

The MOU was signed by Dr Andreas Schwer, Chairman of TITOMIC Limited, and Mohamed Musabah Al Mazrouei - Director, Ventures Investments, SDF.

Strategic Development Fund (SDF), the investment arm of Tawazun Economic Council, is focused on financial return and economic impact within UAE’s strategic sectors, through equity investment in local and international partnerships and developmental funding towards UAE’s private sector.

About Tawazun Economic Council:

Founded in 1992, Tawazun Economic Council (Tawazun) has enabled the creation of more than 111 companies and investment vehicles within twelve sectors, and now serves as the catalyst for both economic growth and the development of the UAE defence and security industry.

Tawazun drives economic value through the Tawazun Economic Program and the Strategic Development Fund, facilitating ecosystem growth and human capability development through global and local partnerships, and empowering technology & innovation through the defense and security R&D ecosystem.

About TITOMIC Limited:

For more information please visit: www.titomic.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210226005108/en/

Contacts

Tawazun - towards an agile future
For more information, please contact Corporate Communication Dept.
Via email: corpcomm@tawazun.ae
Or mobile no.: +971 (0)50 122 2422

Titomic Limited
For more information, please contact:
Via email: investors@titomic.com
Or mobile: +61 (0)411 411 485