The United Arab Emirates has announced the launch of a $10 billion strategic Israel investment fund. The announcement was originally supposed to be made yesterday after the meeting in the UAE between Prime Minister Benjamin Netanyahu and Sheikh Mohammed bin Zayed, the de facto ruler of Abu Dhabi. But the meeting was cancelled due the diplomatic argument between Israel and Jordan, which closed its airspace to Netanyahu's aircraft.
Instead an announcement was made in Abu Dhabi, "Following a constructive phone call His Highness Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, has received from Benjamin Netanyahu, Prime Minister of the State of Israel, the United Arab Emirates has announced the establishment of a $10 billion fund aimed at strategic sectors in Israel."
"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 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."
"This initiative is an integral part of the historic peace accord signed by the UAE and Israel with the United States’ support, and demonstrates the benefits of peace by improving the lives of the region’s peoples. It is a manifestation of the new spirit of friendship and cooperation between the three countries, as well their common will to advance the region."
As part of the Abraham Accords a $30 billion investment fund was supposed to be set up by Israel, the UAE and US with much of the funding from the US. But the plan was suspended after President Biden took office in the US.
Published by Globes, Israel business news - en.globes.co.il - on March 12, 2021
© Copyright of Globes Publisher Itonut (1983) Ltd. 2021