The United Arab Emirates' state-owned EDGE Group announced its partial acquisition of a Brazilian weapons firm on Friday, another sign of growing cooperation between Brazil and the UAE as the latter moves to join BRICS.
The EDGE Group, a defense technology firm, acquired a 50% stake in SIATT, a Brazilian high-tech weapons systems company. The deal was signed at SIATT’s headquarters in the southeastern city of Sao Jose dos Campos, according to an EDGE press release.
EDGE Group CEO and managing director Mansour AlMulla called Brazil a part of the company’s “Latin America development roadmap.”
The company did not disclose the financials of the acquisition, which follows the EDGE Group's signing of a strategic partnership in June with the Brazilian navy to develop missile technology. The company said the deal with SIATT is “part of” that partnership.
