Green tech deal links sustainable development in Israel and UAE
Updated: Mar 4, 2021
Israel and the UAE could soon see Israeli urban green technology transform projects in the UAE. According to a statement on February 28, the "Gulf-Israel Green Ventures (GIGV) and the UAE’s United Stars Group signed a first-of-its-kind deal that will bring Israeli green technologies to the UAE and the wider Gulf region, and Emirati technologies to Israel. The historic deal is focusing on sustainable development projects in the broader Gulf region."
This is in line with many firsts, from the DMCC decision to open an office in Tel Aviv to the first kosher cuisine in Bahrain to Israelis rushing to attend GITEX and IDEX. It is only a few months since Maniv invested in Fenix in one of the first of such deals after the Abraham Accords. Now the sky is the limit for Israelis and people in the Gulf rushing to find joint ventures and deals, such as the Fluence MOU last year.
According to the statement "The deal was signed by Gulf-Israel Green Ventures Chief Executive Officer Asher Fredman and United Stars Group Founder and President Omar Al Suwaidi."
The deal calls for delivering environmental innovation to sustainable development in the region and beyond. “The Gulf is experiencing explosive growth in several submarkets and we could not have found a better partner to bring Israeli greentech innovation to development in the region than the United Stars Group. Already, we have identified and begun work on several large projects that we believe will quickly accelerate our growth,” said Fredman. “We have had our eye on Israeli greentech and cleantech technologies for quite some time and were looking for a partner with deep expertise in this sector in Israel. Gulf-Israel Green Ventures is a wonderful partner for us,” said Al Suwaidi. “There is tremendous opportunity presented before us to help promote environmentally friendly and sustainable projects that will stand to benefit future generations. This is the true spirit of the Abraham Accords.”
The rest of the statement appears below: The new memorandum calls for GIGV to help promote sustainable development goals in Israel and the Gulf in addition to working to reduce emissions while building more environmentally friendly economies and societies. These goals are to be achieved through various types of cooperation including people-to-people, business, and economic. This memorandum is widely expected to be the first of more similar arrangements to come in the future.
Gulf-Israel Green Ventures (GIGV) is bridging greentech leadership emanating from Israel with the robust development taking place in Gulf countries to contribute to both societies. Focusing on untapped areas of Israeli greentech opportunity, GIGV is helping the region transition from traditional energy sources to greentech and cleantech. For more information, please visit: https://www.gulfisraelgreen.com/
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