In the footsteps of the Abraham Accords, a recently signed partnership between two Israeli and Emirati entities aims to bring greentech innovation to the Gulf region and to Israel.
The deal between Gulf-Israel Green Ventures (GIGV) and the UAE’s United Stars Group aims to expand people-to-people, business and economic cooperation through the exchange of green technologies—solutions that promote sustainability by mitigating the negative environmental impacts of development. These include reducing the use and depletion of resources through water recycling, energy-efficient buildings and renewable energy.
Initial sustainable development projects, according to GIGV, will focus on reducing emissions while building more environmentally friendly economies and societies. In light of explosive growth in submarkets in the Gulf, the partners have already begun work on several large projects. The development of commercial and residential real estate on Sheikh Zayed Road in Dubai is but one project in progress for which the two companies are looking to integrate technologies that will make it more energy-efficient, including through the use of renewable energy. The companies are also examining projects in sectors as diverse as hotels and shipping to power plants.
“Israel is known for its cutting-edge startups in many fields, including greentech,” United Stars group founder and president Omar Al Suwaidi told JNS. “We have had our eye on Israeli greentech and cleantech technologies for quite some time and looking for a partner with deep expertise in this sector in Israel,” he explained. “The leadership of the UAE, through such strategic plans as UAE Vision 2021, UAE Centennial 2071 and the UAE Environment Plan, has set clear and courageous goals for making the UAE a leader in sustainability and green technology will play a major role in achieving these goals.”
Gulf-Israel Green Ventures CEO Asher Fredman told JNS “while Israel is best known for its advances in water [drip irrigation, for example], Israeli companies are at the forefront of fields such as wastewater recycling, energy-efficient heating and cooling, and smart utility grids.”
He noted that is “partly due to Israel’s semi-arid climate,” which extends to the Gulf region, “and water and energy scarcity, and partly due to Israel’s overall innovative start-up culture.”
And vice versa, he continued, the UAE can contribute to Israel through innovation, such as in sustainable construction, and through policy planning, implementation and experience.
“The UAE is a trailblazer in areas such as developing smart sustainable cities, advancing green construction and developing large-scale solar utilities. Israel can learn much from the UAE’s experience and know-how,” said Fredman.
For his part, Al Suwaidi looks forward to working with Gulf-Israel Green Ventures, noting “there is a 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.”
He added that each company brings expertise and its extensive network of relationships to their respective countries, and shares a commitment to “expanding and deepening UAE-Israel relations, and promoting a sustainable future.”