Rafael Advanced Defense Systems and Group 42 create Presight AI
Rafael Advanced Defense Systems signed an agreement to create a new joint venture with Group 42 to develop commercial artificial intelligence (AI) and “big data” technologies, Seth J. Frantzman reports in The National Interest. It comes in the wake of Israel and the United Arab Emirates signing a peace deal in 2020.
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A missile from the Israeli Iron Dome, created by Rafael Defense Systems, is launched during the Operation Pillar of Defense to intercept a missile coming from the Gaza strip (Picture source: IDF)
The deal was announced on April 19. The UAE’s new ambassador to Israel Mohamed Mahmoud Al Khaja attended the signing in Herzliya in Israel, underpinning how important this is to UAE-Israel ties and innovation. G42’s CEO Peng Xiao and Rafael’s President and CEO, Yoav Har-Even also attended the event. The new venture, called Presight.AI, will establish a research and development 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,” the companies say.
Al Khaja said: “The new JV between Rafael and Group 42 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 CEO of Rafael said that first and foremost the cooperation signifies another leap in the relationship between our countries. “It makes us all very excited to have such great partners in the Middle East, working together to make this region a better place”.