UAE and Russia to develop fighter jet

The UAE and Russia have reportedly entered an initial agreement to develop a light fighter jet.

The National cited Sergei Chemezov, the CEO of Russian industrial company Rostec, as saying work on the long-term project would begin next year.

The announcement comes following the announcement of a deal by a consortium of Middle Eastern funds to acquire a minority stake in Rostec unit Russian helicopters.

“We have agreed to work on the development of this aircraft,” he was quoted as saying.

The aircraft is expected to be a variation of the MiG-29 and could be assembled in the UAE.

The announcement comes following confirmation of a deal by Russian Direct Investment Fund and a consortium of Middle Eastern funds to acquire a minority stake in Rostec unit Russian Helicopters.

The deal will see the investors acquire a 12 per cent stake in Russian Helicopters for $300m, valuing the company at $2.35bn, with the potential to increase the deal to $600m.

The funds will be used to help the firm expand into new markets, including the Middle East and develop new helicopters. They will also be used for potential acquisitions.

Rostec’s structure includes 700 organisations under 14 holding companies including gunmaker Kalashnikov.