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Israeli and UAE firms join forces in coronavirus research
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This handout picture taken on August 6, 2020 and provided by the Russian Direct Investment Fund shows the vaccine against the coronavirus disease, developed by the Gamaleya Research Institute of Epidemiology and Microbiology.
(Russian Direct Investment Fund/AFP/File)
F
irms 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 business deal comes days after a surprise political agreement between the UAE and Israel to normalize 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.
Last Thursday the UAE and Israel agreed the US-brokered deal to establish full diplomatic ties.
Under that agreement, Israel pledged to suspend its planned annexation of parts of the occupied West Bank, a concession welcomed by European and some pro-Western Arab governments as a boost for hopes of peace.
However, before the political deal, two Israeli defense companies last month signed an agreement with an Emirati company to collaborate on the development of a non-invasive coronavirus screening test.
State-owned Israel Aerospace Industries (IAI), the country's largest aerospace and defense 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.
