Rafael sets up joint AI venture with UAE's G42

Yoav Har Even

Presight.AI will establish an R&D center in Israel focusing on the advancement of AI and big data technologies.

Israel's Rafael Advanced Defense Systems Ltd. has announced that it signed an agreement yesterday with UAE company G42 to set up a joint venture called Presight.AI in the civilian sector to commercialize AI and big data technologies and solutions.

Presight.AI will establish an R&D center in Israel focusing on the advancement of AI and big data technologies and their application across multiple sectors such as banking, healthcare, public safety and others. The agreement is subject to regulatory approvals by Israeli and UAE authorities, according to the companies.

The signing ceremony in Israel, was attended by UAE Ambassador to Israel Mohamed Mahmoud Al Khaja, G42’s Group CEO Peng Xiao, Rafael's President and CEO Yoav Har-Even, G42 Israel CEO Maoz Ben Ari, Presight.AI CEO Sean Teo, and others.

The agreement will bring into play Rafael's expertise in developing technologies in AI, big data, cybersecurity, intelligence gathering and processing, image processing and new space technologies. G42 will bring to the partnership its expertise in AI, and the biggest and strongest cloud computing infrastructures in the region.

UAE Ambassador to Israel Mohamed Mahmoud Al Khaja said, "The new JV between Rafael and G42 is not just two companies coming together, but a strategic collaboration that further strengthens the relationship between Israel and the UAE as the countries explore multi-faceted opportunities for bilateral economic growth. The signing of the historic Abraham Accords last year has already enabled trade and investment across several sectors and is a testament to the many opportunities that lie ahead. We are still at the beginning of an exciting journey, and I look forward to more collaborations and bi-lateral agreements between our dynamic and innovative nations."

G42 CEO Peng Xiao said, "We look forward to jointly developing new technological capabilities and business opportunities where G42 and Rafael can combine our strengths for the benefit of our region and the world. We’re very pleased to cement our relationship with Rafael and bring the best-in-class big data and AI solutions and services to a wide range of commercial sectors, in Israel, the UAE and internationally. This new JV, powered by the best minds in the industry, is destined to become a global force of innovation."

Rafael president CEO Yoav Har-Even said, "First and foremost, this cooperation signifies another leap in the relationship between our countries, and it makes us all very excited to have such great partners in the Middle East, working together to make this region a better place. The significant resources Rafael has invested over the years in AI and Big Data technologies, both for defense and commercial applications, have catapulted us to become a global authority in these fields. Through Presight.AI, we will unravel the immense potential embodied by the two companies, by synergizing with G42, to take our joint expertise and complementary capabilities to the next level. Rafael will continue to broaden its global cooperation, as we strive to expand into further fields, and establish similar partnerships worldwide."

Published by Globes, Israel business news - en.globes.co.il - on April 19, 2021

© Copyright of Globes Publisher Itonut (1983) Ltd. 2021

Yoav Har Even
Yoav Har Even
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