Edge will acquire a 30% stake in the Israeli military firm for $10 million [Getty]
Emirati state-owned defence conglomerate Edge Group has invested $10 million to acquire a 30% stake in Israeli military supplier Thirdeye Systems, a rare business partnership between the two countries since the onset of the Gaza war almost 16 months ago.
The Abu Dhabi-based company will also invest $12 million in a new joint venture for developing and marketing Thirdeye’s products.
Edge will own 51% of the new company and Thirdeye will take a 43% stake. An undisclosed investor will own the remaining 6%.
The deal is pending approval from Israel’s Defence Ministry.
Edge is the UAE’s largest defence contractor and comprises 25 state-owned and private companies operating across a range of sectors.
The firm has pre-existing links with the Israeli defence industry, having entered a partnership with Israel Aerospace Industries in 2021 to jointly develop drone detection systems and unmanned surface vehicles.
Thirdeye specialises in AI-based drone detection technology and counts the Israeli military among its largest customers.
The UAE and Israel have built a close economic relationship since normalising ties in 2020, a diplomatic breakthrough which triggered a surge in business activity between the two countries.
The enthusiasm has cooled significantly since Israel began its brutal war on Gaza.
Emirati companies have stepped back from openly dealing with Israelis, wary of the seething anger around the region about Israel’s war crimes against Palestinian civilians in Gaza.
