An Israeli company plans to establish a factory for the auto parts sector in Abu Dhabi
The Israeli company, Aquarius Manuim, has signed a memorandum of understanding with the foreign company KIP, which includes a plan to establish a production plant for auto parts in the UAE.
The agreement with KIP also included a potential investment in the Israeli company with a value much higher than its current value, which contributed to a jump in its shares twice at the opening of the Tel Aviv Stock Exchange this week.
For its part, the Israeli technology company, which works in the field of energy, revealed that it had signed a memorandum of understanding with the “KIP” company to establish the factory in Abu Dhabi, which will manufacture products related to the automotive industry, based on the technology developed by “Aquarius”, as the Israeli company These develop linear internal combustion engines, and generators (based on a linear internal motor), which are used to produce distributed electricity or support electric propulsion systems.
It should be noted that the project planned to be set up in the UAE “will be established and operated by a company that the two parties will establish for this purpose”, as KIP will mobilize an investment amount of between 1 billion and 1.2 billion dollars, which will be used to establish the project, according to the “I24NEWS” website. “Hebrew.