I have no idea if Liron Lavi Turkenich’s sycretistic Hebrew-Arabic font has any practical use but I can attest that the letterforms she has created have grace and are a pleasure to look at.
Source: An Israeli’s Alphabet Combines Hebrew And Arabic To Promote Understanding | Jewish Week
See also:
https://www.facebook.com/aravrit?ref=aymt_homepage_panel
http://www.lironlavi.com/2012/08/06/aravrit/