UAE sets up $10bn fund to invest in Israel

LONDON: The UAE has established a $10 billion fund to invest in strategic sectors in Israel, state news agency WAM reported on Thursday.
The announcement came following a “constructive” phone call between Abu Dhabi Crown Prince Sheikh Mohammed bin Zayed and Israeli Prime Minister Benjamin Netanyahu.
The UAE and Israel signed a US-brokered peace agreement in September that established official relations between the two countries.
“Through this fund, the UAE will invest in Israel within strategic sectors that include energy, manufacturing, water, space, health care, agricultural technology, and others,” the statement on WAM said.
The fund will focus on development initiatives and enhancing economic cooperation between the two countries, and will be funded by allocations from the government and private sector institutions.
“This move aims to strengthen economic relations between the two booming regional economies, open the way for investments, and create partnership opportunities to boost social and economic growth in the two countries and the region,” the statement added.
Since the signing of the Abraham Accords, both countries have established diplomatic missions, launched direct flights, and held several trade visits.
“This initiative is one of the results of the peace agreement and embodies the spirit of friendship and cooperation between the three countries, in addition to their common will to advance the region and provide a model for peace by improving the lives of the peoples of the region,” the statement said.
Netanyahu canceled a second planned trip to the UAE on Thursday, citing a disagreement with Jordan. An earlier visit in February was canceled due to concerns from the coronavirus pandemic.
The UAE was the third Arab country to normalize relations with the Jewish state after Egypt and Jordan. Bahrain, Morocco and Sudan then followed suit and also signed the Abraham Accords.