The agreement includes the development of a Coronavirus testing device for speeding up testing time, with high accuracy and best international practices.
Just two days after the surprising announcement of normalization between Israel and the United Arab Emirates (UAE), the first economic cooperation was signed. UAE investment company APEX National Investment and Israeli company TeraGroup to develop research and studies related to coronavirus.
The agreement between the two companies including also the development of a Coronavirus testing device to contribute to speeding up the testing time, with high accuracy and in accordance with the best international practices.
Contacts and agreements between Israeli and UAE companies have existed for at least 25 years, but the economic cooperation kept a low profile. Now, the ormalization can accelerate ties between the two countries.
Funded in 2003, TeraGroup emerged from the Weizmann Institute of Science. The company’s BioSafety is applying its Terahertz technology to 1-minute COVID-19 breathing tests using Tera sensing, which it says guarantees not only immediate cost-effective results but contributes to safe returning to normal life.
TeraGroup testing is already being conducted in some countries, including the Emirates Field Hospital in Abu Dhabi. the company will expand the testing to the entire UAE.
APEX National is an investment company in the field of public investments, including the healthcare sector with a focus on establishing field hospitals.
The agreement was signed by Khalifa Yousef Khouri, Chairman of APEX National Investment, and Oren Sadiv, Chairman & CEO of TeraGroup on Saturday. A press conference held at the headquarters of Al Qudra Holding in the Emirate of Abu Dhabi.
Also attended Ido Berniker, a representative from First Capital Group, and a number of dignitaries and officials from the two companies, in addition to representatives of the Emirati and Israeli media.