, No 5, Monday 04th March, 2019

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MAIN HEADLINES FROM THIS ISSUE:

  • UAE: Tawazun’s new approach – remove mandatory outputs, simplify penalties, allow indirects

    The Tawazun Economic Council is discarding a dusty economic mandate that has been the offset policy’s bedrock since 1992. Among the changes is the need for contractors to fulfil their obligations by generating profitable activities with a minimum level of input and output-based credits. Tawazun will also remove or simplify penalties for non-fulfilment, bank guarantees, and milestones…

  • India signs 21 offset contracts in three years

    India’s MoD has announced that it signed 21 defence offset contracts with a cumulative value of approximately $5.67bn over the last three years. Last month a parliamentary standing committee on defence announced that India had signed 42 defence offset contracts since introducing the offset policy in December 2002, and had seen few returns.

  • Australia walks back 60 percent local content level in submarine deal

    The Australian Department of Defence has signed a Strategic Partnering Agreement with Naval Group for the production of twelve “Attack-class” future submarines. Naval Group won the $A50bn ($35bn) tender two years, ago, but the SPA has faced significant delays.

  • Russian Helicopters identifies potential partners in India for the KA-226T

    Russian Helicopters, a subsidiary of Rostec, signed five industrial participation MoUs with Indian firms at Aero India 2019. The parties agreed to explore the production of assemblies and components for the Ka-226T helicopter.

  • Venezuela offers India oil barter

    Venezuela is open to barter payment arrangements with India as a workaround to U.S. sanctions, Venezuelan oil minister Manuel Quevedo said at a press conference in Delhi. Caracas currently buys medicines and other products from India and is looking for alternative payment methods.

AND LOT'S MORE...

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