UAE and Israel partner to introduce green technologies regionally
09 Mar 2021
Gulf-Israel Green Ventures (GIGV) and the UAE’s United Stars Group have signed a deal to bring Israeli green technologies to the UAE and the wider Gulf region, while introducing Emirati technologies to Israel.
The deal focusses on sustainable development projects in the broader Gulf region.
The new memorandum calls for GIGV to help promote sustainable development goals in Israel and the Gulf in addition to working to reduce emissions, while building more environmentally friendly economies and societies.
These goals are to be achieved through various types of cooperation including people-to-people, business, and economic. One of the initial projects within the framework of the MoU will be to work to integrate Israeli urban green technologies into commercial and residential real estate projects, including one currently being developed on Sheikh Zayed Road in Dubai.
“The Gulf is experiencing explosive growth in several submarkets and we could not have found a better partner to bring Israeli greentech innovation to development in the region than the United Stars Group. Already, we have identified and begun work on several large projects that we believe will quickly accelerate our growth,” said Gulf-Israel Green Ventures chief executive officer Asher Fredman.
“We have had our eye on Israeli greentech and cleantech technologies for quite some time and were looking for a partner with deep expertise in this sector in Israel. Gulf-Israel Green Ventures is a wonderful partner for us,” said Omar Al Suwaidi, United Stars group founder and president.
“There is tremendous opportunity presented before us to help promote environmentally friendly and sustainable projects that will stand to benefit future generations.”
There have already been a number of trade, banking, aviation, and technology agreements signed between Israeli and Emirati companies.
The Abu Dhabi Investment Office (ADIO) chose Tel Aviv to open its first international branch recently.
DP World signed an agreement with Israel’s Leumi Bank in September last year to facilitate trade and logistics services between the two sides.
Meanwhile, Dubai’s Emirates NBD bank signed key agreements’ with Israel’s Bank Hapoalim and Bank Leumi Le-Israel too last year.
Dubai’s trade with Israel in five months, from September 2020 – January 2021, has reached a value of Dhs1bn.
Source: Gulf Business