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.
German intelligence warnings
- 2002: "Hezbollah supporters feared becoming a target of security services because of the effects of [9/11] ... discussions on Hezbollah policy moved from mosques into smaller circles in private homes." Supporters in Germany: 800
- 2013: "Financial and logistical support from Germany for Hezbollah in Lebanon supports the armed struggle against Israel ... Hezbollah supporters in Germany hold back from actions that would gain publicity." Supporters in Germany: 950
- 2023: "It must be reckoned with that Hezbollah will continue to plan terrorist actions outside the Middle East against Israel or Israeli interests." Supporters in Germany: 1,250
Source: Federal Office for the Protection of the Constitution
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The National Archives, Abu Dhabi
Founded over 50 years ago, the National Archives collects valuable historical material relating to the UAE, and is the oldest and richest archive relating to the Arabian Gulf.
Much of the material can be viewed on line at the Arabian Gulf Digital Archive - https://www.agda.ae/en
GAC GS8 Specs
Engine: 2.0-litre 4cyl turbo
Power: 248hp at 5,200rpm
Torque: 400Nm at 1,750-4,000rpm
Transmission: 8-speed auto
Fuel consumption: 9.1L/100km
On sale: Now
Price: From Dh149,900
Director: Laxman Utekar
Cast: Vicky Kaushal, Akshaye Khanna, Diana Penty, Vineet Kumar Singh, Rashmika Mandanna
Rating: 1/5
Honeymoonish
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The Cairo Statement
1: Commit to countering all types of terrorism and extremism in all their manifestations
2: Denounce violence and the rhetoric of hatred
3: Adhere to the full compliance with the Riyadh accord of 2014 and the subsequent meeting and executive procedures approved in 2014 by the GCC
4: Comply with all recommendations of the Summit between the US and Muslim countries held in May 2017 in Saudi Arabia.
5: Refrain from interfering in the internal affairs of countries and of supporting rogue entities.
6: Carry out the responsibility of all the countries with the international community to counter all manifestations of extremism and terrorism that threaten international peace and security
Four-day collections of TOH
Day Indian Rs (Dh)
Thursday 500.75 million (25.23m)
Friday 280.25m (14.12m)
Saturday 220.75m (11.21m)
Sunday 170.25m (8.58m)
Total 1.19bn (59.15m)
(Figures in millions, approximate)
The years Ramadan fell in May
Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
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