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Emirati-Israeli deal to form a joint venture to market artificial intelligence

Emirati-Israeli deal

Abu Dhabi-based artificial intelligence Group 42 (G42) said it has signed an agreement with Israel’s state-owned Rafael Advanced Defense Systems to form a joint venture to market artificial intelligence, technologies and big data solutions.

G42 said in a statement that the Emirati-Israeli deal will be subject to regulatory approvals by the Israeli and Emirati authorities. The signing ceremony was held in the city of Herzliya, in the presence of Mohammed Al Khaja, the UAE ambassador to Tel Aviv, along with officials from the two companies.

Emirati-Israeli deal

The company stated that the new project, called Presight.AI, will develop many technical programs in various sectors in the region and the world.

Presight.AI will establish an R&D center in Israel, tapping into the local talent to spearhead the advancement of AI and Big Data technologies and their application across multiple sectors such as, banking, healthcare, public safety and others.

UAE’s Ambassador to Israel, H.E. Mohamed Mahmoud Al Khaja: “The new JV between Rafael and G42 is not just two companies coming together, but a strategic collaboration that further strengthens the relationship between Israel and the UAE as the countries explore multi-faceted opportunities for bilateral economic growth”.

The Emirati ambassador added that he looks forward to seeing more cooperation between Israel and the UAE companies in the future, through the historic Abraham agreements brokered by the United States.

G42 works in the field of research, development and dissemination of artificial intelligence for both the public and private sectors within the UAE. On the other hand, Rafael represents a center for research and development and is active in artificial intelligence technologies and big data around the world.

Last December, the UAE and Tel Aviv signed a full normalization agreement for their relations, followed by dozens of agreements in the economic, trade, tourism, technological, health and banking fields.

Last July, the Emirates News Agency announced the signing of two agreements of understanding between G42 with two Israeli technology companies.

The agency stated that the two memorandums of understanding were signed specifically with Raphael.

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