Israel’s Ministry of Defense must grant permission for the deal to move forward.
A major military technology firm in the United Arab Emirates is gearing up to purchase a large stake in an Israeli security company, illustrating the growing defense-focused ties between the UAE and the Jewish State.
The EDGE Group, an Emirati technology and defense conglomerate, is expected to pay more than $10 million for 30 percent of Israeli company Third Eye Systems, which manufactures smart cameras for detecting UAVs and drones.
The outline for the deal would see EDGE Group purchase the shares, and then the two companies establish a joint venture, according to a report from the Hebrew-language outlet Walla.