ALBAWABA – Israeli SolarEdge Technologies and Saudi Ajlan & Bros Holding agreed to a joint Saudi-Israeli venture on renewable energy in Saudi Arabia, Bloomberg reported Monday.
A new company will be formed by the joint Saudi-Israeli venture to deploy renewable energy technologies and facilities in Saudi Arabia, according to a statement by SolarEdge, released Monday.
This new joint Saudi-Israeli venture came a day after Israeli Foreign Minister Eli Cohen discussed expanding Israeli ties in the Middle East with United States (US) Special Envoy Dan Shapiro, according to Bloomberg.
The US is keen for the Israelis to form diplomatic alliances with Saudi Arabia. But the process will likely be slowed by Prime Minister Benjamin Netanyahu’s government’s deteriorating relations with the Palestinians and controversial judicial policies, Bloomberg anticipates.
SolarEdge shares traded 2.2 percent higher on the Nasdaq at 12:44 p.m. in New York, their biggest jump since mid-July, valuing the company at $13.6 billion, the New York-based agency reported.
