Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi, and Israeli Prime Minister Benjamin Netanyahu have announced the establishment of a $10 billion fund aimed at boosting strategic sectors in Israel.
Sheikh Mohamed, also Deputy Supreme Commander of the UAE Armed Forces, and Mr Netanyahu shared a call on Thursday.
Alongside Israel, the UAE will invest in sectors including energy, manufacturing, water, space, health care and agri-tech.
The investment fund will support development initiatives to promote regional economic co-operation between the two countries.
Financial support for the fund will come from the government and private sector.
The fund builds on the historic Abraham Accords and aims to bolster economic ties between two of the region’s thriving economies, unlocking investments and partnership opportunities to drive socio-economic progress.
This initiative is an integral part of the historic peace accord signed by the UAE and Israel, and demonstrates the benefits of peace by improving the lives of the region’s peoples.
It is aimed to demonstrate a new spirit of friendship and co-operation between the two countries, and their common will to advance the region, the state news agency Wam reported.
Mr Netanyahu said on Thursday that he intended to visit the UAE “very soon”.
He is campaigning for re-election on March 23. Israel is in its fourth election campaign in two years.
Mr Netanyahu says Israel establishing ties with the UAE and three other Arab countries are among his proudest accomplishments, along with a successful Covid vaccine programme.
The UAE and Israel are also in talks to establish a quarantine-free travel corridor by April.
The corridor, which would apply only to passengers fully vaccinated against Covid-19, would allow travel for commercial, tourism and official reasons.
Meetings between the UAE's Ministry of Foreign Affairs and International Co-operation and its equivalent Israeli body are under way to negotiate the terms of a deal.
The two sides said it would increase the level of exchange after the historic Abraham Accords signed last year, and reinforce economic and other ties.
Earlier in the day, Mr Netanyahu’s office announced that his wife, Sara, had been admitted to hospital with an appendix infection.
It said she would remain in hospital for several days.