20 Apr 2021; MEMO: UAE's Group 42 (G42) and state-owned Israeli Advanced Defense Systems firm, Rafael, have agreed to establish a joint venture for artificial intelligence and big data technologies based in Israel, news agencies reported yesterday.
The two firms agreed to name their joint venture Presight.AI, and it will conduct research and develop products for different sectors, including banking, healthcare, and public safety.
Products of the new joint venture would be sold in Israel, the UAE, and other countries around the world.
Abu Dhabi's G42 was set up in 2018. It was run by members of the royal family and became the first UAE company to open an international office in Israel in September.
UAE Ambassador to Israel Mohamad Al-Khaja said the joint venture will strengthen the relationship between Israel and the UAE, pointing out that it is an opportunity for bilateral economic growth.
The UAE normalised relations with Israel in August 2020. Despite opposition from Palestinians. Several other Arab countries followed suit, including Bahrain, Sudan, and Morocco.
