Abu Dhabi Investment Office and Invest in Israel outline upcoming areas of collaboration

The Abu Dhabi Investment Office (ADIO) and Invest in Israel have begun discussions on possible collaborations.

The two entities met virtually on Monday, the same day that an Israeli and American delegation landed in Abu Dhabi to discuss avenues of cooperation between the two Middle East countries.

Read: UAE, Israel, US issue joint statement reaffirming peace plans; will cooperate in 7 key areas

In a tripartite statement issued on Monday, the countries agreed to cooperate in seven key areas including investment, finance, health, the civilian space program, civil aviation, foreign policy and diplomatic affairs, and tourism and culture.

In the parallel meeting between Monira Hisham Al-Kuttab who leads ADIO’s international promotional activity and Ziva Eger, Chief Executive of Invest in Israel, the two entities pledged to work on investment and partnership opportunities for companies in Israel and Abu Dhabi focusing on innovation and technology.

“As a leading centre for R&D in the region, home to the thriving tech industry and the Middle East’s first Advanced Technology Research Council, Abu Dhabi is well-positioned to partner with Israeli organisations at the forefront of innovation,” said Dr. Tariq bin Hendi, director-general of ADIO, the government hub supporting private sector investment in Abu Dhabi.

#ADIO and @investinisrael hosted a landmark meeting to explore #investment opportunities in #AbuDhabi and #Israel. The discussions have laid the foundations for a partnership that will focus on #innovation and #technology. For more, visit: https://t.co/0Uh3hh6OOr pic.twitter.com/xSMTYWq51Q

— Abu Dhabi Investment Office (@InvestAbuDhabi) September 1, 2020

“We want to ensure Israeli firms can tap into everything that Abu Dhabi has to offer as a vibrant global business centre. Our Investor Care team is on hand to facilitate connections throughout Abu Dhabi’s ecosystem and over the coming months, we look forward to working with Invest in Israel to explore opportunities that will benefit companies in Israel and Abu Dhabi.”

Meanwhile, Ziva Eger, chief executive of Invest in Israel, added: “We are delighted to announce a historic collaboration between the Israeli investment promotion unit – Invest in Israel – and its parallel in Abu Dhabi – Abu Dhabi Investment Office. Both organisations share a mutual vision of leading international trade relations and investments between Israel and the UAE.”

She added, “Israel’s ecosystem has a lot to offer to the UAE’s economy in terms of innovation, specifically in the life sciences, clean tech, agtech and energy sectors.”

Also on the sidelines of the Israeli-American delegation’s visit to the UAE, Abdulhamid Saeed Alahmadi, governor of the UAE Central Bank, and Ronen Peretz, director-general of the Israeli Prime Minister’s Office, have signed an MoU for future cooperation in the banking and financial sector.

They agreed to form working groups and bilateral committees to facilitate banking between the UAE and Israel.

Israel’s Finance Ministry sees potential for annual bilateral trade between Israel and the UAE starting at $2bn and building up to $6.5bn once cooperation matures, according to its deputy chief economist Lev Drucker.

Read: Israel sees $6.5bn in trade as UAE peace talks kick off