Israel’s then-Minister of Economy and Industry Orna Barbivai and UAE Minister of Economy Abdulla bin Touq Al Marri present the Free Trade Agreement they signed, which is the first such agreement Israel has with an Arab county, in Dubai, United Arab Emirates, May 31, 2022. Photo: Anuj Taylor Strap Studios-GPO/Handout via REUTERS

The Emirati defense and technology conglomerate EDGE Group has acquired a stake in an Israeli defense firm, underscoring the resilience of the Abraham Accords amid the Israel-Hamas war in Gaza.

The acquisition of a 30 percent stake in ThirdEye is the latest example of growing defense collaboration between Israel and the United Arab Emirates.

Since 2020, as part of the Abraham Accords — a series of historic US-brokered normalization agreements between Israel and several Arab countries — defense and economic cooperation between Israel and the United Arab Emirates has grown, alongside diplomatic ties with Sudan, Bahrain, and Morocco.

According to ThirdEye Systems Ltd., EDGE Group is investing $10 million in exchange for a stake in the company.

In addition, the two companies will establish a joint venture with a further $12 million investment to focus on “developing and marketing cutting-edge electro-optical object recognition systems.”

EDGE is one of the top three global suppliers of precision-guided munitions, consisting of over 35 companies, while ThirdEye is a research and development firm specializing in object recognition technology for drones used by the Israeli military.

Despite the war in Gaza, economic ties between Israel and the UAE have remained strong.

Last year, annual Israel-UAE trade was reportedly projected to reach a record $3.3 billion compared to $2.95 billion in 2023.

Trade is mainly centered on diamonds, with precious stones being the largest exports between the two nations in 2022 and 2023.

In 2022, Israel strengthened its defense ties with the UAE by agreeing to sell the SPYDER air defense system, made by the Israeli company Rafael.