Initial projects to focus on commercial and residential real estate developments in Dubai.
Gulf-Israel Green Ventures (GIGV) and the UAE’s United Stars Group have signed a first-of-its-kind deal that will bring Israeli green technologies to the UAE and the wider Gulf region, and Emirati technologies to Israel. The historic deal is focusing on sustainable development projects in the broader Gulf region.
The deal was signed by Gulf-Israel Green Ventures Chief Executive Officer Asher Fredman and United Stars Group Founder and President Omar Al Suwaidi. Following in the footsteps of the historic Abraham Accords, the terms call for delivering environmental innovation to sustainable development in the region and beyond. The new memorandum calls for GIGV to help promote sustainable development goals in Israel and the Gulf in addition to working to reduce emissions while building more environmentally friendly economies and societies. These goals are to be achieved through various types of cooperation including people-to-people, business, and economic. This memorandum is widely expected to be the first of more similar arrangements to come in the future.
One of the initial projects within the framework of the MoU will be to work to integrate Israeli urban green technologies into commercial and residential real estate projects, including one currently being developed on Sheikh Zayed Road in Dubai.
“The Gulf is experiencing explosive growth in several submarkets and we could not have found a better partner to bring Israeli greentech innovation to development in the region than the United Stars Group. Already, we have identified and begun work on several large projects that we believe will quickly accelerate our growth,” said Fredman.
“We have had our eye on Israeli greentech and cleantech technologies for quite some time and were looking for a partner with deep expertise in this sector in Israel. Gulf-Israel Green Ventures is a wonderful partner for us,” said Al Suwaidi. “There is 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.”