Israeli and Emirati companies have signed an inaugural agreement on renewable energy, officials said Wednesday, as the Jewish state forges ahead with plans to become a global leader in the sector.
The deal is one of a raft of commercial ties to be formed between Israel and the United Arab Emirates since the two nations established ties in September, in a normalisation drive dubbed the Abraham accords.
The principal corporate signatories of the energy agreement are Abu Dhabi-based Masdar and EDF Renewables Israel, a subsidiary of French utility giant EDF.
“These are the first fruits of the Abraham accords in the energy sector,” said Israel’s Energy Minister Yuval Steinitz on Twitter, predicting the collaboration would allow his country to become a global leader in solar energy within six years.
Muhammad Jamil al-Ramhi, head of Masdar, lauded a “new era of cooperation” in clean energy ventures between the two countries.