Paramount and IGG Sign Joint Venture

03.03.2011 Joint Ventures
Paramount and IGG Sign Joint Venture

Paramount and IGG Sign Joint Venture

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At IDEX 2011, South Africa’s Paramount Group announced a new joint venture with UAE’s International Golden Group (IGG), signed in response to increasing interest in Paramount’s IED and mine protected armored vehicles from Gulf State countries.


 

IGG, with its established international reputation in the introduction of key equipment to the Middle East, will market and distribute Paramount vehicles – including its new revolutionary Paramount Low Profile Vehicle (PLPV) – in the region. The PLPV was launched recently under the name ‘Mbombe’ and IDEX 2011 was the first time it has been seen outside Africa.  

The partnership will initially focus on the market in the United Arab Emirates, with a view to bringing some of the world’s finest armored vehicles, pioneered in South Africa, to the wider region.
 
Announcing the joint venture, Ivor Ichikowitz, Executive Chairman of the Paramount Group, said: “Our partnership with IGG continues the revolution in armored vehicle technology and design for which South Africa is world-renowned. By bringing our vehicles to the Middle East, IGG will be presenting one of the world’s most sophisticated defense purchasing markets with the very pinnacle of new technology and design in armored vehicles.

 “Our vehicles are designed, constructed and proven in some of the world’s harshest terrain, very much with the Middle East in mind. Now with IGG we have a superb opportunity to work with the UAE’s acknowledged armored vehicle experts to build a strong and deep relationship”.

 “Bringing Paramount’s systems to the Middle East in partnership with IGG very much reflects the realities of current global politics which are driving armed forces and governments to plan for future conflict by sourcing new generations of vehicles to answer the changing threats they face.”

 In the medium term the joint venture will be founded on shared technology and the strengthening of economic and political ties between South Africa and the UAE. In the longer term it calls for the establishment of manufacturing bases in the UAE to serve the Middle East and Asian markets.

 Fadil Saif Al Kaabi, CEO of IGG said that: “This marks another milestone in the growth path of IGG. This technology partnership makes perfect sense for us as a key player in the Middle East defense sector. Paramount’s recent technological advancements in mine- and IED-protection for armored vehicles represent a huge leap forward in the solutions available to tackle the changing threat in the region. We look forward to a successful partnership with Paramount built on the established mutual understanding and appreciation between our two nations.”

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