Israel's state-owned Rafael Advanced Defense Systems and Abu Dhabi-based technology company Group 42 (G42) have formed a joint venture to commercialize artificial intelligence and big data technologies, the companies said on Monday.
The company, dubbed Presight.AI, will have a research and development site in Israel and will develop products for sectors including banking, healthcare and public safety to be sold in Israel, the United Arab Emirates and internationally.
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Emirati and Israeli flags fly upon the arrival of Israeli and U.S. delegates at Abu Dhabi International Airport, in Abu Dhabi, United Arab Emirates Aug. 31, 2020
(Photo: Reuters)
Israel and the UAE agreed to normalize relations in August, triggering several announcements from businesses stating their intention to cooperate across the two countries.
Attending the signing event of the agreement in the coastal city of Herzliya, UAE Ambassador to Israel Mohamad al-Khaja said the joint venture strengthened the relationship between Israel and the UAE and opportunities for bilateral economic growth.
G42 is an Abu Dhabi-based artificial intelligence and cloud computing company set up in 2018 which works with government and private clients. In September it became the first UAE company to open an international office in Israel.
UAE national security advisor Sheikh Tahnoon bin Zayed Al Nahyan is its chairman and a shareholder. Abu Dhabi's sovereign fund Mubadala in November invested in G42 and last week U.S. private-equity firm Silver Lake invested to help the company expand.
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Illustrative: A Rafael Advanced Defense Systems employee operates systems of the Carmel project, a combat vehicle, in Elkayim in northern Israel on August 4, 2019
(Photo: AFP)
G42 rose to prominence last year as it led Phase III clinical trials of a vaccine developed by Sinopharm's China National Biotec Group (CNBG) in the UAE and regional countries, as well as offering medical diagnostic services.
The joint venture agreement is subject to regulatory approvals by Israeli and UAE authorities.