UAE’s Edge Group Acquires 30% Stake in Israeli Drone Tech Firm
The Edge Group, a prominent Emirati state-owned defense and technology conglomerate, has taken a significant step in enhancing its defense capabilities by acquiring a 30% stake in Israeli defense firm ThirdEye Systems Ltd.
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This acquisition, valued at $10 million, highlights the growing defense collaboration between Israel and the United Arab Emirates, despite recent public criticisms from Abu Dhabi regarding Israeli military actions.
ThirdEye Systems, known for its advanced object recognition technology, announced the partnership, which will also include a joint venture with an additional investment of $12 million.
This collaboration aims to develop and market cutting-edge electro-optical object recognition systems, further integrating technology into defense operations.
The Edge Group, which comprises over 35 companies, ranks among the top three global suppliers of precision-guided munitions.
Its involvement with ThirdEye, a company publicly traded on the Tel Aviv Stock Exchange, signifies a strategic move in the ever-evolving defense sector.
Key Points of the Acquisition
- Growing Economic Ties: Despite public critiques of Israeli policies, economic relations between Israel and the UAE have strengthened, with bilateral trade expected to reach a record $3.3 billion in 2024, up from $2.95 billion in 2023. Diamonds remain a key export commodity between the two nations.
- Defense Cooperation: In addition to the recent acquisition, reports from late 2022 indicated that Israel agreed to sell the SPYDER air defense system to the UAE, further solidifying military ties established after the Abraham Accords in 2020.
- Strategic Importance: The partnership with ThirdEye reflects the UAE’s commitment to advancing its defense technology capabilities while fostering international collaborations that enhance security and operational efficiency.
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Conclusion
The acquisition of a stake in ThirdEye Systems by the Edge Group not only underscores the deepening ties between the UAE and Israel but also marks a pivotal moment in the defense landscape of the region.
As both nations continue to collaborate on military technologies, the implications for regional security and economic partnership remain significant.
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