UAE and Israeli companies agree tech joint venture

UAE and Israeli companies agree tech joint venture

Two technology companies, Group 42 (G42), based in Abu Dhabi, and Rafael Advanced Defense Systems, based in Israel, have agreed to form a new joint venture (JV) that aims to commercialize artificial intelligence (AI) and big data technologies and solutions for multiple sectors.

The new JV is called Presight.AI. it will establish an R&D centre in Israel, tapping into local talent to spearhead the advancement of AI and big data technologies and their application across multiple sectors such as banking, healthcare and public safety, among others.

A key player in the digitisation of large enterprises and governments, G42 brings significant expertise in the research, development and deployment of AI for both the public and private sectors. It also operates a powerful cloud computing infrastructure, has provided nationwide Covid-19 detection and diagnostic solutions, and has contributed to the successful rollout of vaccines in the UAE.

Rafael is also a major AI and big data technologies company and a global leader in the areas of intelligence collection and processing, as well as all aspects of the cyberspace environment and space technologies.

Last year’s signing of the Abraham Accords, a joint statement between Israel, the United Arab Emirates, and the United States, seems to have been a major driver for this joint venture agreement, which is now subject to regulatory approvals by both the Israeli and UAE authorities.

This is the second big announcement in recent days from G42. The company announced last week a major investment from US-based investment technology firm, Silver Lake.

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