UAE set to invest $10 billion in Israel across multiple sectors following normalization of ties
The United Arab Emirates made a public pronouncement on Thursday, informing the public it was putting a $10 billion investment fund in place to serve multiple sectors in Israel, after normalizing ties last year.
The announcement followed a call between Abu Dhabi Crown Prince Sheikh Mohamed bin Zayed and Israeli Prime Minister Benjamin Netanyahu on Thursday. It should be noted that the latter was forced to postpone a visit to the UAE after Jordan delayed granting overflight rights.
“Through this fund, the UAE will invest in and alongside Israel across sectors including energy, manufacturing, water, space, healthcare and agri-tech. The investment fund will support development initiatives to promote regional economic cooperation between the two countries. Fund allocations will derive from government and private sector institutions,” the UAE stated in a release published on the state-run Emirates News Agency (WAM).
…the UAE will invest in and alongside Israel across sectors including energy, manufacturing, water, space, healthcare and agri-tech…
“The fund builds on the historic Abraham Accord and aims to bolster economic ties between two of the region’s thriving economies, unlocking investments and partnership opportunities to drive socio-economic progress,” the statement cntinued.
Israel and the United Arab Emirates reached a historic peace deal on August 13 last year, which created room for a full normalization of diplomatic and trade relations between the two Middle Eastern nations, an agreement brokered by former US President Donald Trump.
This breaks beyond the mark of Israeli Intelligence Minister, Eli Cohen, who had predicted that annual trade between Israel and the UAE could reach $4 billion in just three to five years.
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