Abu Dhabi, UAETuesday 20 October 2020

UAE and Israel plan collaboration on stimulating investment

Abu Dhabi Investment Office and Invest in Israel teams discuss partnership opportunities with focus on innovation and technology

The UAE and Israel agreed to a plan for financial co-operation during a meeting on Monday that paved the way for new economic collaboration between the two countries.

The Abu Dhabi Investment Office and Invest in Israel met online to discuss investment and partnership opportunities with a particular focus on innovation and technology.

It was the first of several discussions scheduled throughout September.

“As a leading centre for research and development in the region, home to a thriving tech industry and the Middle East’s first Advanced Technology Research Council, Abu Dhabi is well-positioned to partner with Israeli organisations at the forefront of innovation,” said Dr Tariq bin Hendi, director general of Adio.

“Adio is committed to helping companies from across the world, establish and grow in Abu Dhabi.

"We want to ensure Israeli firms can tap into everything that Abu Dhabi has to offer as a vibrant global business centre.

"Our investor care team is on hand to facilitate connections throughout Abu Dhabi’s ecosystem and over the coming months, we look forward to working with Invest in Israel to explore opportunities that will benefit companies in Israel and Abu Dhabi.”

The meeting coincided with a visit by a US-Israeli delegation to Abu Dhabi after the signing of the Abraham Accord on August 13 to begin normalising relations between Israel and the UAE.

The delegations, led by White House senior adviser Jared Kushner, son-in-law to US President Donald Trump, arrived in Abu Dhabi on Monday aboard the first commercial flight from Israel, marking the end of a 40-year boycott by the UAE

Under the accord, Israel has agreed to suspend annexation of parts of the West Bank in Palestine in exchange for establishing diplomatic ties with the Emirates.

Speaking to The National, Mr Kushner described the agreement, which is the first between any Gulf nation and Israel, as a “historic breakthrough” that has inspired people “to see that peace is possible”.

Emirati, Israeli and American officials spent Tuesday discussing technical co-operation in seven key areas: investment; finance; health; the space programme; civil aviation; foreign policy and diplomatic affairs; and tourism and culture.

“We are delighted to announce a historic collaboration between the Israeli investment promotion unit, Invest in Israel, and its parallel in Abu Dhabi, the Abu Dhabi Investment Office," said Ziva Eger, chief executive of Invest in Israel.

"Both organisations share a vision of leading international trade relations and investments between Israel and the UAE.”

“Israel’s ecosystem has a lot to offer to the UAE’s economy in terms of innovation, specifically in the life sciences, CleanTech, Agtech and energy sectors.

"We are thrilled by these developments and confident that together we will move forward towards a better common future for Israel and the UAE.”

On Tuesday, the UAE Central Bank and the office of Israeli Prime Minister Benjamin Netanyahu signed an agreement for future co-operation in banking and finance.

During a meeting in Abu Dhabi, representatives agreed to "form working groups and bilateral committees to facilitate banking between the UAE and Israel", Wam reported.

Abdulhamid Saeed, Governor of the Central Bank, and Ronen Peretz, Director General of the Israeli Prime Minister's Office, signed the agreement before Meir Ben-Shabbat, Israel's National Security Adviser.

Updated: September 2, 2020 12:33 AM

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