Abu Dhabi Investment Office signs bilateral trade agreement with Israel Export Institute

The Abu Dhabi Investment Office (ADIO) has signed an agreement with the Israel Export Institute, to establish bilateral trade collaborate on investments.

The agreement covers facilitating the entry of companies into each other’s markets, hosting joint events and supporting government and industry delegations.

ADIO will work with the Israel Export Institute to support trade and investment opportunities for Israeli companies, connecting them with strategic entities and access to resources in Abu Dhabi.

.@InvestAbuDhabi signed an agreement with Israel Export Institute to foster bilateral trade opportunities between #AbuDhabi & Israel. The virtual signing was attended by ADIO DG, Dr. Tariq Bin Hendi & Israel Export Institute Chairman, Adiv Baruch & DG, Gadi Ariely. pic.twitter.com/OGUHL6o72F

— مكتب أبوظبي الإعلامي (@admediaoffice) October 6, 2020

In September, the ADIO said that it planned to open a network of foreign offices, beginning with its first one in Tel Aviv, Israel.

Read: Abu Dhabi Investment Office to open first international branch in Tel Aviv

It said that the new office in Tel Aviv, which will be opened over the coming months, will focus on facilitating connections between innovation-focused companies and organisations in Abu Dhabi and Israel.

The Israel Export & International Cooperation Institute (IEICI) is supported by member firms, private sector bodies and the Israeli government, and provides a range of export-oriented services to Israeli companies.

The areas of possible collaboration between the two countries include advanced technology and R&D across sectors such as agtech, biomedicine and advanced manufacturing.

“Rapid progress is being made in laying the foundations for closer private sector cooperation for Abu Dhabi and Israel. This agreement is an important opportunity to strengthen business cooperation and enable technical and commercial collaboration between our respective markets,” said Mohammed Ali Al Shorafa, Chairman of the Abu Dhabi Department of Economic Development after the signing of the latest agreement between ADIO and the Israel Export Institute.

Amir Peretz, Minister of Economy and Industry in Israel said that the agreement has become more important since Covid-19 has had impacted Israel’s economy. “This agreement gets even greater significance, specifically now, when facing the Covid-19 crisis and while the Israeli economy is in a difficult situation, and the revenue cycle of many established Israeli companies is suffering considerably as a result. I do hope that the economic ties that are being built with the UAE will play a significant part in accelerating the Israeli economy during this difficult period,” said Peretz.