The deal "is considered the first business to inaugurate trade, economy and effective partnerships between the Emirati and Israeli business sectors, for the benefit of serving humanity by strengthening research and studies on the novel Coronavirus," WAM quoted APEX's chairman Khalifa Yousef Khoury as saying.
The agreement was signed at a press conference in Abu Dhabi, coming soon after Israel and the UAE announced an agreement Thursday that will lead to a full normalization of diplomatic relations.
US President Donald Trump, who apparently helped broker the deal, has attempted to paint it as a big breakthrough.
The move has drawn strong criticism from many Islamic countries and regional organizations.
The UAE is now the third Arab country, after Egypt and Jordan, to normalize with Israel. Abu Dhabi was already believed to have clandestine relations with Tel Aviv.