By: TPS Staff
Rafael Advanced Defense Systems of Israel, and Group 42 (G42), a leading technology company based in Abu Dhabi, announced Monday the signing of an agreement to form a new Joint Venture (JV) that will commercialize Artificial Intelligence (AI) and Big Data technologies and solutions for multiple sectors.
“In bringing together two of the most active and successful players in the fields of AI and Big Data, the new JV, called Presight.AI, will combine the companies’ knowledge, personnel, technology, and resources to conceptualize, develop, and deploy best-in-class solutions in various programs in the region and globally,” a statement on the new venture said.
The signing event, held in Herzliya, Israel, was attended by UAE’s Ambassador to Israel Mohamed Mahmoud Al Khaja, G42’s Group CEO Peng Xiao, Rafael’s President and CEO Yoav Har-Even, CEO of G42 Israel Maoz Ben Ari, CEO of Presight.AI Sean Teo, and other dignitaries.
Presight.AI will establish a Research & Development 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.
The agreement is subject to regulatory approvals by Israeli and UAE authorities.
UAE’s Ambassador to Israel, Mohamed Mahmoud Al Khaja stated that the new JV “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 signing of the historic Abraham Accords last year has already enabled trade and investment across several sectors and is a testament to the many opportunities that lie ahead. We are still at the beginning of an exciting journey, and I look forward to more collaborations and bi-lateral agreements between our dynamic and innovative nations,” he added.
Har-Even, President and CEO of Rafael, said that “first and foremost, this cooperation signifies another leap in the relationship between our countries, and it makes us all very excited to have such great partners in the Middle East, working together to make this region a better place.”
Peng Xiao, Group CEO of G42, said that G42 and Rafael “can combine our strengths for the benefit of our region and the world. This new JV, powered by the best minds in the industry, is destined to become a global force of innovation.”
(TPS)
