The announcement of the joint initiative comes as the US is launching a renewed push for normalization between the kingdom and Israel
Israeli renewable energy firm SolarEdge Technologies has formed a joint initiative with Saudi private sector company Aljan and Bros Holding (ABH) in order to help move the Gulf country forward in transitioning to the use of solar energy.
The initiative aims “to support the deployment of smart renewable energy solutions in Saudi Arabia, in line with the Saudi Vision 2030 initiative that aims to reduce the country’s dependence on oil by the end of this decade,” a SolarEdge press release released on 31 July reads.
Based in the occupied territories, SolarEdge also has headquarters in California and is listed on the NASDAQ.
The venture “will be jointly managed by a talented team of experienced professionals from both companies, with ABH as the majority shareholder,” the press release adds.
Following the Saudi rapprochement with Iran in March this year, as well as a restoration of ties with Syria and the economic shift away from Washington – the kingdom doubled down on its refusal to normalize ties with Israel until a two-state solution under the 2002 Arab Peace Initiative was realized.
At the time, it seemed like last year’s US-sponsored push for normalization between Riyadh and Tel Aviv was off the table.
However, as the Saudi-Iran deal was generally viewed as a blow to US ambition in the region, there has recently been a renewed push for an Israeli-Saudi normalization deal.
According to New York Times (NYT) columnist Thomas Freidman, the US aims to dissuade the kingdom from further improving ties with its rival China, which has now become Saudi Arabia’s largest oil importer.
Saudi Arabia has three main conditions, Friedman – who interviewed the US president recently – wrote.
According to Friedman, the Saudis are seeking three main things from Washington:a NATO-level mutual security treaty that would require the US to defend Saudi Arabia if it is attacked, assistance in developing a civilian nuclear program, and the ability to purchase more advanced US weapons.
Saudi officials have themselves stated that their primary condition for normalization with Israel is establishing a Palestinian state along the guidelines of the 2002 Arab Peace Initiative, an unlikely prospect.
Source:The Cradle
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