UAE to acquire $855m stake in Israeli firm

The Abu Dhabi Developmental Holding Company (ADQ) is negotiating to purchase a roughly $855 million interest in the Israeli financial services company Phoenix Group.

In collaboration with Gallatin Point Capital, the funds are anticipated to acquire a 25–30% interest in Phoenix, according to a release.

“The two are in advanced talks with the Emirate funds on the proposed deal, but did not provide any terms. Phoenix is listed on the Tel Aviv stock exchange, with a market value of US$2.85 billion,” the statement added.

The United Arab Emirates (UAE) declared in March 2021 that it was establishing a $10 billion investment fund with Israel’s strategic sectors as its primary focus. In September 2020, the two nations’ connections were restored, which was viewed as a significant victory for former US President Donald Trump.

The $10 billion fund would be used by the Gulf nation to “invest in and alongside Israel, across sectors including energy manufacturing, water, space, healthcare, and agri-tech,” according to a report by Abu Dhabi’s official news agency WAM.

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