Saudi Arabia is expected to soon utilize technology from Israeli company Trucknet.
The arrangement is being made via a Memorandum of Understanding (MoU) with Bahrain-based international logistics and transportation company Cox Logistics W.L.L.
In addition to serving the Middle East region, Cox Logistics also operates in Europe, Africa, and the Caucasus region.
The planned Saudi use of Israeli technology is an important development as there are currently no official diplomatic relations between Saudi Arabia and the Jewish state. The U.S. Biden administration is currently pushing for a diplomatic breakthrough between Israel and Saudi Arabia.
Trucknet CEO Hanan Fridman personally signed the significant agreement during Israeli Foreign Minister Eli Cohen’s recent visit to Bahrain.
“It’s an honor for us to be included as part of a business delegation to Bahrain,” Fridman said. “We were warmly welcomed by our hosts, who showed genuine interest in Israeli technology and our capabilities as the Start-Up Nation."
The agreement, in practice, means that Cox Logistics will incorporate Trucknet’s cost-saving digital cloud-based platform in its international operations, including the Saudi market.
Fridman believes Bahrain is an important gateway for the commercially-active Persian Gulf market.
“This not only a very large potential market but also an advanced kingdom that wants to be at the forefront of global technology – and for Israeli businessmen, Bahrain is an excellent starting point for the entire Gulf. The value of the logistics market in the Gulf Cooperation Council (GCC) was $47.5 billion in 2018 and is expected to reach $66.3 billion by 2026,” the Trucknet CEO said.
The GCC is a regional organization that includes the most affluent economies in the Arab world, such as Saudi Arabia, Bahrain, Kuwait, Qatar, the United Arab Emirates and Oman.
While Bahrain is a wealthy state, it is comparatively tiny, with an annual GDP of approximately $40 billion. By comparison, Israel's GDP exceeds $500 billion. while the Saudi Kingdom's GDP is more than $1,600 billion.
As the highest-ranking member of the current Netanyahu government to visit Bahrain, Foreign Minister Cohen was accompanied by an Israeli business delegation to the capital Manama and participated in the official opening of Israel's embassy in Bahrain. The two countries normalized their relations as part of the historic Abraham Accords in 2020.
In another sign of growing regional cooperation, Israel and Bahrain recently signed a fintech cooperation deal, designed to advance an open banking reform.
“Israel is a financial tech powerhouse and we see great importance in building bridges to support the global activity of Israeli companies in this industry,” according to Yosef Zinger, the Israel Securities Authority’s incoming chairman.
In addition, the Jewish state also normalized its diplomatic ties with the UAE, another regional economic powerhouse that has developed close commercial and scientific ties with Israel.
Some 30 Israeli climate-technology companies are expected to attend the upcoming global COP28 event in the Emirati metropolis of Dubai.
Israel's Environmental Protection, Innovation, Science and Technology, the Ministry of Foreign Affairs, the Innovation Authority and the Export Institute issued a joint official statement ahead of the large global climate conference in the UAE.
“Israel's presence at COP28 will be characterized by a strong contingent of climate-tech companies representing diverse sectors, including energy, water, agriculture, sustainable manufacturing, green construction, food technology, transportation, circular economy, waste management, environmental protection, and carbon capture," the official statement read.
These forward-thinking enterprises will present innovative solutions that have already begun to reduce emissions and adapt to climate change, underscoring the breadth and depth of climate technologies developed in Israel.
The All Israel News Staff is a team of journalists in Israel.