Israel and UAE agree renewable energy deal
[JERUSALEM] Israeli and Emirati companies have signed an inaugural agreement on renewable energy, officials said on 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.
AFP
GET BT IN YOUR INBOX DAILY
Start and end each day with the latest news stories and analyses delivered straight to your inbox.
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Energy & Commodities
Glencore now sees FY trading division profit between US$3 billion-US$3.5 billion
Hong Kong team plants seeds to safeguard legacy grains
Gold holds steady as investors focus on US Fed meeting
Chevron CEO expects ExxonMobil arbitration resolved in coming months
Oil falls more than US$1/barrel on Middle East peace talks, US rate cut doubts
Diamond giant De Beers is in the shop window, but the potential buyers are few