The UAE and Israel agreed to allow visa-free travel and formed a private sector-led investment fund as ministers from the two countries signed deals in Tel Aviv on Tuesday.
The $3 billion Abraham Fund was set up by the two countries, along with the US International Development Finance Corporation, on the first ministerial visit after the two countries established diplomatic ties.
Abdulla bin Touq, Minister of Economy, and Obaid Al Tayer, Minister of State for Financial Affairs, were on an Etihad Airways plane that touched down at Ben Gurion Airport outside Tel Aviv at 1pm UAE time on Tuesday.
They were accompanied by US Treasury Secretary Steven Mnuchin and Middle East envoy Ari Berkowitz, who were in Abu Dhabi for talks on Monday.
We are committed to supporting a legal framework for the movement of people and goods between the UAE and the state of Israel
The delegation was welcomed by Israeli Prime Minister Benjamin Netanyahu.
Mr Netanyahu said the two countries would have reciprocal visa-free travel, a move that makes Emirati citizens the first in the Arab world to not require Israeli entry permits.
“Today, we are making history. We are making history in a way that will stand for generations,” he said in a ceremony held on the tarmac.
“We will remember this day, a glorious day of peace.”
The countries will open a development office in Israel to identify and initiate projects that boost economic growth, improve standards of living and create high-value jobs.
Mr Al Tayer said the two sides would also discuss financial co-operation and trade to strengthen their economies. and that an agreement would be signed on double taxation.
He said the deals had many benefits for the two countries.
“We are committed to supporting a legal framework for the movement of people and goods between the UAE and the state of Israel, to achieve prosperity for both of our people and economies,” Mr Al Tayer said.
“It has been a pleasure being with you all today. We look forward to welcoming you to the UAE in the near future.”
Earlier, the Israeli government said agreements on aviation, investment protection, visa exemptions and science and technology would be signed.
A deal authorising 28 commercial flights a week between the countries was due to be signed yesterday.
The UAE announced its decision to normalise relations with Israel in August. Known as the Abraham Accord, the agreement was signed at a White House event last month.
Since then, the two countries have struck several commercial deals.
A key tenet of the accord was the assurance from Israel that it would suspend the annexation of Palestinian territory, including the occupied West Bank and Jordan Valley.
The UAE is the third Arab country to sign a peace deal with Israel and establish diplomatic relations, after Egypt and Jordan in 1979 and 1994, respectively.
Bahrain also normalised relations with Israel and signed an official agreement in Manama on Sunday.
US President Donald Trump gave Washington’s blessing to Israel’s annexation of large areas of the West Bank, including the settlements considered illegal under international law, in his peace plan unveiled in January.
The UAE has consistently reaffirmed its commitment to the creation of a Palestinian state.
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
How to watch Ireland v Pakistan in UAE
When: The one-off Test starts on Friday, May 11
What time: Each day’s play is scheduled to start at 2pm UAE time.
TV: The match will be broadcast on OSN Sports Cricket HD. Subscribers to the channel can also stream the action live on OSN Play.
OIL PLEDGE
At the start of Russia's invasion, IEA member countries held 1.5 billion barrels in public reserves and about 575 million barrels under obligations with industry, according to the agency's website. The two collective actions of the IEA this year of 62.7 million barrels, which was agreed on March 1, and this week's 120 million barrels amount to 9 per cent of total emergency reserves, it added.
The 12 Syrian entities delisted by UK
Ministry of Interior
Ministry of Defence
General Intelligence Directorate
Air Force Intelligence Agency
Political Security Directorate
Syrian National Security Bureau
Military Intelligence Directorate
Army Supply Bureau
General Organisation of Radio and TV
Al Watan newspaper
Cham Press TV
Sama TV
Countries recognising Palestine
France, UK, Canada, Australia, Portugal, Belgium, Malta, Luxembourg, San Marino and Andorra
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Teaching your child to save
Pre-school (three - five years)
You can’t yet talk about investing or borrowing, but introduce a “classic” money bank and start putting gifts and allowances away. When the child wants a specific toy, have them save for it and help them track their progress.
Early childhood (six - eight years)
Replace the money bank with three jars labelled ‘saving’, ‘spending’ and ‘sharing’. Have the child divide their allowance into the three jars each week and explain their choices in splitting their pocket money. A guide could be 25 per cent saving, 50 per cent spending, 25 per cent for charity and gift-giving.
Middle childhood (nine - 11 years)
Open a bank savings account and help your child establish a budget and set a savings goal. Introduce the notion of ‘paying yourself first’ by putting away savings as soon as your allowance is paid.
Young teens (12 - 14 years)
Change your child’s allowance from weekly to monthly and help them pinpoint long-range goals such as a trip, so they can start longer-term saving and find new ways to increase their saving.
Teenage (15 - 18 years)
Discuss mutual expectations about university costs and identify what they can help fund and set goals. Don’t pay for everything, so they can experience the pride of contributing.
Young adulthood (19 - 22 years)
Discuss post-graduation plans and future life goals, quantify expenses such as first apartment, work wardrobe, holidays and help them continue to save towards these goals.
* JP Morgan Private Bank
Safety 'top priority' for rival hyperloop company
The chief operating officer of Hyperloop Transportation Technologies, Andres de Leon, said his company's hyperloop technology is “ready” and safe.
He said the company prioritised safety throughout its development and, last year, Munich Re, one of the world's largest reinsurance companies, announced it was ready to insure their technology.
“Our levitation, propulsion, and vacuum technology have all been developed [...] over several decades and have been deployed and tested at full scale,” he said in a statement to The National.
“Only once the system has been certified and approved will it move people,” he said.
HyperloopTT has begun designing and engineering processes for its Abu Dhabi projects and hopes to break ground soon.
With no delivery date yet announced, Mr de Leon said timelines had to be considered carefully, as government approval, permits, and regulations could create necessary delays.
