Just two days after the dramatic declaration of normalization in relations between Israel and the United Arab Emirates (UAE), an agreement was signed in Abu Dhabi between an Israeli technology company and a UAE investment company. Under the agreement, investment company, UAE-based APEX National Investment will invest in applied research by Israeli company TeraGroup on the coronavirus Covid-19.
The agreement was signed by Khalifa Yousef Khouri, chairman of APEX National Investment, and Oren Sadiv, chairman and CEO of TeraGroup, at a press conference held at the headquarters of Al Qudra Holding in the Emirate of Abu Dhabi. The conference was attended by Ido Berniker, a representative from First Capital Group, and a number of dignitaries and officials from the two companies, in addition to representatives of the Emirati and Israeli media.
"We are delighted with this cooperation with TeraGroup, which is considered the first business to inaugurate trade, economy and effective partnerships between the Emirati and Israeli business sectors, for the benefit of serving humanity by strengthening research and studies on the novel coronavirus," said Khalifa Yousef Khouri.
TeraGroup’s Oren Sadiv said, "We are thrilled with our agreement with APEX National Investment and hope that we will achieve the objectives outlined in this agreement, which in turn will benefit everyone economically, specifically in these exceptional circumstances, with the spread of the novel coronavirus around the world."
The agreement between the two companies aims at conducting and enhancing research and studies related to coronavirus Covid-19, as well as developing a coronavirus testing device to contribute to making the testing process faster, easier, and more accurate.
APEX National Investment is an investment company in the field of public investments, including the healthcare sector, with a dedicated focus on establishing field hospitals at maximum speed and equipping them with the necessary high-standard equipment.
TeraGroup was founded in 2003. It emerged from the Weizmann Institute of Science. TeraGroup is applying its Terahertz technology to fast and safe, 1-minute Covid breathing tests using Tera sensing, which it says guarantees immediate cost-effective results and contributes to safe returning to normal of business in different sectors.
TeraGroup’s BioSafety testing is being conducted in selected countries around the world, including the Emirates Field Hospital in Abu Dhabi, with plans to expand the testing to cover the entire UAE.
The talks between the two companies of course preceded the normalization declaration, but that declaration turned the announcement of the agreement into a public and festive event to which many Israeli representatives were invited. Contacts and agreements between Israeli and UAE companies have existed for more than two decades, but the parties to these contacts kept a low profile. Normalization can be expected to facilitate and accelerate ties between businesses from the two countries.
Published by Globes, Israel business news - en.globes.co.il - on August 16, 2020
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