UAE-Israel Greentech collaboration to reach $500million in five years: Expert

UAE-Israel Greentech collaboration to reach $500million in five years: Expert

As the first anniversary of the US-brokered Abraham Accordsnears, the UAE and Bahrain are continuing to expand bilateral relations with Israel with huge collaborations in the field of green technology, an expert told Al Arabiya English.

The deals are expected to surpass $500 million over the next five years, according to Asher Fredman, CEO of Gulf-Israel Green Ventures. "And that is a conservative estimate,“ he said.

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The UAE, said Fredman, has made huge strides in the green energy space, with the realization and implementation of some of the world's most advanced green technologies.

The country has already developed two of the world's largest solar plants and will soon break ground on a third. Abu Dhabi is home to the Middle East's first facility for carbon capture and storage, and to Masdar City, an international pioneer in sustainable urban living.

"Israel is incredibly strong on the innovation front and out-of-the-box thinking and the UAE is also seeking to create this huge innovation ecosystem. The UAE in particular has great strengths in taking innovative ideas and making them into a reality.

"Together, these countries will absolutely be a force to be reckoned with.“

According