ABU DHABI (Reuters) – Abu Dhabi’s government said on Tuesday it was launching a new company, EDGE, that will invest in defense technology.

“The new company will invest and bring advanced defense technologies to the market,” EDGE chief executive and managing director, Faisal al-Bannai, said at the ceremony. The company will employ about 12,000 people.

The launch was made at a ceremony attended by Abu Dhabi Crown Prince Sheikh Mohammed bin Zayed al-Nayhan. Oil-rich Abu Dhabi is the largest and the wealthiest member of the United Arab Emirates federation.

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