Genevation Aircraft Ltd announced in a statement that they would partake in the drone development program initiated by the Ministry of Industry and Advanced Technology of the United Arab Emirates.
Sheikh Rashid Bin Ahmed Al Maktoum, a member of the Dubai royal family and chairman of RAM Investment, signed a declaration of cooperation with the Hungarian company operating in Jakabszállás, Bács-Kiskun County, to develop drones together. The project will start next year, portfolio.hu wrote.
The cooperation’s framework is the UAE’s “Operation 300bn” program, a 10-year-long strategic initiative aiming to develop the country’s industry into a key sector. They would like that segment of the local economy to generate EUR 78 billion for the state’s GDP.
The Hungarian company is a NATO supplier. They develop and build aircraft, improve composite structures and create aerial vehicles (drones). The company has been working recently on a high-speed military drone. Furthermore, it played a key role in creating a hydrogen-powered VTOL, an aerial vehicle capable of vertical take-off and landing.