UAE-based Al Falahi Group has signed an agreement with Chinese Eastern Dragon Co., a global leader in oil field services, to launch a joint venture worth $8m in the UAE, reported Gulf Digital News. The joint venture will produce and supply equipment, including high-tech devices, within the oil services sector for both public and private enterprises, according to Zawya.

Al Falahi Group CEO, Mohammed Jerio Al Falahi, pointed out that the partnership with the Chinese Eastern Dragon Company is necessary to build institutional partnerships and to promote the private sector as a strong companion for the government’s strategy to revitalize the oil sector in the country – Abu Dhabi 2030 vision. “The private sector is a strategic partner of the public sector in implementing the strategic plan and the UAE’s future vision, and an active contributor to the development process in its various forms,” he added.