Abu Dhabi delegation to Tel Aviv explores business opportunities, strategic partnerships

An official delegation from Abu Dhabi visited Tel Aviv on Monday, September 5. The visit gave leading Abu Dhabi entities and top Israeli companies the opportunity to explore business opportunities and drive strategic bilateral relations.

Representatives of Abu Dhabi Global Market (ADGM), Mubadala, Mubadala Energy, ADNOC, Abu Dhabi Securities Exchange, The Health Authority – Abu Dhabi, Abu Dhabi Investment Office, AIQ – an Abu Dhabi-based AI and cloud computing company, Department of Culture and Tourism, Abu Dhabi Chamber, Hub71 and First Abu Dhabi Bank, were part of the delegation.

During the visit, the delegation participated in a joint business forum co-organised by the Tel Aviv Stock Exchange (TASE) and ADGM in collaboration with The Embassy of UAE at Israel.

Strategic partnerships
The recent visit resulted in the signing of three agreements to explore and enable various business opportunities in the financial spectrum.

ADGM and Start-up Nation Central signed an MoU, covering business partnerships and collaborations to explore opportunities for companies in their respective ecosystems as well as the opening of their commercial presence in Abu Dhabi and Israel.

Another MoU signed between ADGM Academy and Avnon Group Middle East will establish a framework of cooperation and exchange of information related to the development of an ADGM Digital Asset Knowledge Hub, focussing on cybersecurity, artificial intelligence, blockchain and more to increase the literacy of cybersecurity and related areas.

The ADGM Office of Data Protection and Israeli Privacy Protection Authority also inked an agreement to facilitate mutual understanding of the legislative, procedural and information technology frameworks in their respective jurisdictions in the area of data and privacy protection. Other areas to be explored include developing and sharing best practices to assist each authority in continuously improving the efficiency and effectiveness of the delivery of their functions.

Building bonds
Mohamed Al Khaja, the UAE Ambassador to the State of Israelm said, “I hope to see the leading companies in both countries build on the strong foundations in place, including our CEPA trade agreement, to cooperate and forge business ties and create fresh ventures reaching new markets.

“This will, in turn, create jobs and drive further economic growth for the benefit of all Israelis and Emiratis.”

The UAE and Israeli governments signed the Comprehensive Economic Partnership Agreement (CEPA) in May, which focuses on advancing bilateral trade beyond $10bn in five years.

Read: The UAE reaches trade agreement with Israel

ADGM chairman Ahmed Jasim Al Zaabi, said, “The delegation to Tel Aviv is a testament to the long-term commitment of Abu Dhabi to foster stronger ties between the two nations and building bridges between Israel and the UAE. With the exploration of abundant business opportunities, the existing UAE-Israel economic corridor has already topped $1bn, according to estimates by the UAE-Israel Business Council. The projected growth for 2022 is said to be $2bn.”

Ittai Ben Zeev, CEO of the Tel Aviv Stock Exchange, added, “We are dedicated to constantly increasing the number and diversity of investors in the Israeli capital market. The delegation, visiting Israel for the first time, is intended to expose the Abu Dhabi business community to leading Israeli companies listed on TASE. This is an opportunity to familiarise Abu Dhabi officials with the strength of the Israeli economy and expose them to TASE’s prominent sectors.”

“The Abu Dhabi delegation to Tel Aviv represents a significant and meaningful development in the rapidly advancing relations between our two markets, which have seen strong progress since the Abraham Accords, particularly in the areas of advanced technology and innovation. The visit showcased the depth of knowledge and strength of ambition in Israel’s business ecosystem and has cemented our conviction of the mutually beneficial partnerships that cooperation between Abu Dhabi and Israel will bring. Building on ADIO’s efforts to strengthen ties with the opening of our Israel office to facilitate new partnerships, we will continue supporting Israeli businesses seeking international growth by connecting them to strategic opportunities in Abu Dhabi and beyond,” said Engineer Abdulla Abdul Aziz AlShamsi, acting DG of ADIO.