Middle east

UAE, Israeli Companies Sign ‘Strategic Commercial Agreement’ to Cooperate On Coronavirus Research

On Thursday, US President Donald Trump announced that Israel and the United Arab Emirates (UAE) had reached a “historic peace agreement” on establishing full diplomatic ties. Under the deal, expected by the US president to be signed in three weeks, Tel Aviv has agreed to postpone its plans on sovereignty extension over the West Bank.

The Emirates company, APEX National Investment, announced the signing of a strategic commercial agreement with Israel-based TeraGroup on Saturday, dedicated to the development of research on the coronavirus (COVID-19) pandemic, according to the official Emirates News Agency (WAM).

The agreement was signed during a press conference held by Khalifa Yousef Khouri, chairman of APEX National Investment, and Oren Sadiv, chairman & CEO of TeraGroup, at the headquarters of Al Qudra Holding in Abu Dhabi.

The signing was also attended by Ido Berniker, a representative from First Capital Group, as well as a number of dignitaries and officials from the two companies, and representatives of Israeli and Emirati 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 (COVID-19)”, said Khouri.

TeraGroup’s Oren Sadiv said that his corporation was “thrilled” with the agreement, hoping that it would achieve the objectives outlined “which in turn will benefit everyone economically, specifically in these exceptional circumstances with the spread of the Novel Coronavirus (COVID-19) around the world”.

Ido Berniker, a representative from the First Capital Group financial corporation, thanked the two industry leaders and said he was pleased with the signing of the agreement. 

“At First Capital Group, we are very keen on bringing companies specialized in sciences and inventions together to establish commercial and investment partnerships with Emirati companies, such as APEX National Investment”, he said.

The agreement aims to conduct and enhance research into the novel coronavirus, as well as develop a coronavirus testing device which will aid in speeding the process and provide accurate and effective testing in alignment with international standards.

The agreement follows an announcement made last week to iron out a deal between the UAE and Israel to establish diplomatic ties between the two countries.

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