Abu Dhabi Global Market and Israeli company registrars sign pact

A 'large volume of business' between the two nations is expected, financial free zone's regulatory authority said

FG81FD View of new business district at Abu Dhabi Global Market square (ADGM) on Al Maryah Island in Abu Dhabi United Arab Emirates. Alamy

The Abu Dhabi Global Market Registration Authority signed an agreement with the Israeli Corporations Authority's Registrar of Companies to work more closely together.

A Statement of Co-operation has been agreed "to enhance co-operation ... in light of the large volume of business expected" between the countries, according to a statement from the Abu Dhabi financial free zone's registration authority.

"We are confident that this agreement will result in fruitful outcomes for entities residing in both the UAE and Israel, serving as a gateway to valuable expansion and investment opportunities across both thriving business hubs and the wider region," Dhaher Al Mheiri, chief executive of ADGM RA said.

The UAE and Israel have been strengthening trade links after relations were normalised last September. In December, export credit agency Etihad Credit Insurance said it expects trade between the two countries to reach $4 billion a year.

A $10bn investment fund was announced last week through which the UAE and Israel will invest in sectors including energy, manufacturing, water, space, health care and agri-tech.

Abu Dhabi Investment Office set up its first international office in Tel Aviv in January and recently established formal ties with its counterpart Invest In Israel and the Israel Innovation Authority. A series of other formal agreements have also been signed by ADGM, Abu Dhabi's Securities Exchange and some of the emirate's largest banks to forge closer ties with Israeli partners.

"This agreement ... will look to leverage the synergies between our respective jurisdictions across the high potential areas such as FinTech and entrepreneurship, and as well as each jurisdiction’s progressive regulatory frameworks, to facilitate mutual growth,” Mr Al Mheiri said.