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UAE, Israel will cooperate on financial services, investment

The UAE, Israeli and US flags sway with the wind at the Abu Dhabi airport at the arrival of the first-ever commercial flight from Israel to the UAE, on August 31, 2020. (AFP)
The UAE, Israeli and US flags sway with the wind at the Abu Dhabi airport at the arrival of the first-ever commercial flight from Israel to the UAE, on August 31, 2020. (AFP)
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01 Sep 2020 11:09:41 GMT9
01 Sep 2020 11:09:41 GMT9
  • ADIO, Invest in Israel agree to set out a plan to establish formal cooperation

JERUSALEM: The United Arab Emirates and Israel agreed on Tuesday to set up a joint committee to cooperate on financial services, aiming to promote investment between the two countries, an Israeli statement said.

An Israeli delegation is in Abu Dhabi on a historic trip to finalize a pact marking open relations between Israel and the Gulf state.

Representatives from both countries signed the understanding, Israeli Prime Minister Benjamin Netanyahu said in the statement.

One focus, Netanyahu said, would be on “cooperation in the field of financial services and removing financial barriers for making investments between the countries, as well as promoting joint investments in the capital markets.”

The countries will also collaborate in banking services and payment regulations, he said.

Separately, the state-run Abu Dhabi Investment Office (ADIO) and Invest in Israel, part of the economy ministry, agreed to set out a plan to establish formal cooperation between them, they said in a joint statement.

“The organizations will explore mutually beneficial areas of collaboration to unlock investment and partnership opportunities for companies in Abu Dhabi and Israel with a strong focus on innovation and technology,” they said.

An initial virtual meeting was held between Ziva Eger, Invest in Israel chief executive, and Monira Hisham Al-Kuttab who leads ADIO’s international promotional activity. Further meetings are scheduled throughout September.

“Israel’s ecosystem has a lot to offer to the UAE’s economy in terms of innovation, specifically in the Life Sciences, CleanTech, Agtech and Energy sectors,” Eger said in the statement.

ADIO Director General Tariq Bin Hendi said ADIO’s investor care team would “facilitate connections throughout Abu Dhabi’s ecosystem” and explore opportunities over the coming months.

Israeli officials have been quick to play up the economic benefits of the accord, which once formalized would also include agreements on tourism, technology, energy, health care and security, among other areas.

A number of Israeli and Emirati businesses have already signed deals since the normalization deal was announced.

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