Representatives from the Emirati company APEX National Investment (R) and the Israeli TeraGroup sign an agreement to develop research on the novel coronavirus.
Firms from the United Arab Emirates and Israel have signed an agreement to jointly develop research and studies on the novel coronavirus, the UAE’s state WAM agency reported. The agreement was signed between APEX National Investment and TeraGroup at the headquarters of Al Qudra Holding in Abu Dhabi
The business deal comes days after a surprise political agreement between the UAE and Israel to normalise relations, a historic shift which will make the Gulf state only the third Arab country to establish full diplomatic ties with the Jewish state.
The UAE’s APEX National Investment and Israel’s TeraGroup signed the “strategic commercial agreement” late Saturday in Abu Dhabi, WAM said in a statement.
“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,” APEX chairman Khalifa Yousef Khouri said.
APEX is an investment company with a particular focus on the healthcare sector.
The deal would be “serving humanity by strengthening research and studies on the novel coronavirus,” Khouri added.
The two companies hope to develop a rapid test for coronavirus.
“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,” TeraGroup chairman Oren Sadiv said, according to WAM.
The agreement between APEX and TeraGroup is aimed at conducting and enhancing research and studies related to coronavirus, as well as developing a coronavirus testing device to accelerate the testing process.
However, before the political deal, two Israeli defence companies last month signed an agreement with an Emirati company to collaborate on the development of a non-invasive coronavirus screening test.
Khalifa Yousef Khouri, chairman of APEX National Investment, which has been assisting the health sector to various degrees in the fight against coronavirus, said: “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 (Covid-19).”
A deep technology company, TeraGroup focuses on fast and safe, one-minute Covid-19 breathing tests using Tera sensing. The company’s biosafety testing is 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.
TeraGroup’s chairman and CEO, 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 (Covid-19) around the world.”
State-owned Israel Aerospace Industries (IAI), the country’s largest aerospace and defence firm, as well as the government’s Rafael Advanced Defense Systems, signed a memorandum of understanding with Abu Dhabi-based technology company Group 42 in July.
The UAE has reported a total of 64,102 Covid-19 cases, while Israel has confirmed that it has detected 92,233 cases since the outbreak of the virus.
Delivered to you by COPTICNN™ | Coptic News Network on 2020-08-16 from Abu Dhabi, United Arab Emirates
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