Israel’s SolarEdge to Work With Saudi Company in Rare Pact (1)

SolarEdge Technologies Inc., an S&P 500 company based in Israel, is forming a joint venture with a Saudi Arabian firm to develop renewable energy, in a rare business collaboration between two countries that don’t formally recognize each other.

The venture between SolarEdge and Ajlan & Bros Holding, a conglomerate, will be established in Riyadh, the Saudi capital, and deploy solar technology in the kingdom, according to a statement from the Israeli company on Monday. Israeli companies have been quietly doing business in Saudi Arabia for years.

The move will help the kingdom progress with its Vision 2030 plan, the ...