United Arab Emirates-based APEX National Investment and Israel's TERA Group will embark on a strategic commercial agreement to study the coronavirus, following the improvement in diplomatic ties between the two neighbors, the UAE's state-run news agency WAM reported.
The agreement marks the first cross-border cooperation in trade between the Emirati and Israel's business sectors. "It's for the benefit of serving humanity," WAM quoted Khalifa Yousef Khoury, APEX chairman, as saying with regards to bolstering research on COVID-19.
The deal was signed by TERA Group chairman and chief executive officer Oren Sadiv, and APEX National Investment chairman Khalifa Yousef Khouri, during a media briefing held at the Al Qudra Holdings headquarters in Abu Dhabi.
The joint venture was sealed days following an unexpected political accord between the two countries to normalize relations, an unprecedented shift that will set the stage for a direct diplomatic link between Israel and UAE.
Under the deal, APEX and TERA will work on developing a system that will fast-track the study of the coronavirus with high accuracy. The accord – hailed by U.S. President Donald Trump as "a historic moment" – would make the UAE the third Arab nation to engage in a joint venture with Israel after Egypt and Jordan.
Established in 2003, TERA operates as a unit of Israel's Weizmann Institute of Science (WIS) and is engaged in research and development, while APEX operates in the health sector and public investment. The two groups hope to develop a rapid test for COVID-19.
Even prior to the diplomatic milestone, a UAE official stated that business groups in Israel and the Gulf state had been considering forming cooperative ventures to fight the coronavirus pandemic.
Sadiv said they are happy with the deal with APEX and are optimistic that they will attain the vision of the joint venture and enhance the two nations' economies, especially during the ongoing global health crisis.
The deal also includes the suspension of Israel's planned occupation of some areas in the West Bank, a compromise hailed by European and some Western Arab supporters as an avenue to promote peace.
