Rafael Advanced Defense Systems Ltd. of Israel, and Group 42 (G42) announced today the signing of an agreement to form a new Joint Venture (JV) that will commercialize Artificial Intelligence (AI) and Big Data technologies and solutions for multiple sectors.
As per a press statement, “In bringing together two of the most active and successful players in the fields of AI and Big Data, the new JV, called Presight.AI, will combine the companies’ knowledge, personnel, technology, and resources to conceptualize, develop, and deploy best-in-class solutions in various programs in the region and globally.”
The signing event, held in Herzliya, Israel, was attended by UAE’s Ambassador to Israel, H.E. Mohamed Mahmoud Al Khaja, G42’s Group CEO Peng Xiao, Rafael’s President and CEO, Yoav Har-Even, CEO of G42 Israel, Maoz Ben Ari, CEO of Presight.AI, Sean Teo, and other dignitaries.
Presight.AI will establish an R&D center in Israel, tapping into the local talent to spearhead 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.
UAE’s Ambassador to Israel, H.E. 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.”
President and CEO of Rafael, 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.”
Group CEO of G42 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.”