Abu Dhabi-based artificial intelligence (AI) and cloud computing firm, Group 42 (G42) has formed a joint venture with Rafael Advanced Defense Systems, Israel’s state-owned defense company, to market AI and big data technologies.
The joint venture, called Presight.AI, will have a research and development center in Israel and will produce goods for sectors such as banking, healthcare, and public safety, which will be distributed in Israel, the UAE, and elsewhere.
In August, Israel and the UAE decided to normalize relations, prompting a flurry of announcements from companies stating their intention to cooperate across the two countries.
UAE Ambassador to Israel Mr. Mohamad al-Khaja opined that the joint venture strengthened Israel-UAE relations and provided opportunities for bilateral economic development.
G42, which works with both government and private clients, was established in 2018. It is the first UAE company to open an international office in Israel in September.
Sheikh Tahnoon bin Zayed Al Nahyan, the UAE’s national security adviser, is the company’s chairman and shareholder. Mubadala, the sovereign wealth fund of Abu Dhabi, invested in G42 in November, and Silver Lake, a US-based private equity firm, invested last week to help the company expand.
G42 rose to prominence last year after leading Phase III clinical trials in the UAE and regional countries for a vaccine developed by Sinopharm’s China National Biotec Group (CNBG), as well as providing medical diagnostic services.
The joint venture agreement must be approved by Israeli and UAE regulatory authorities.