(WAM/TPS) His Highness Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the United Arab Emirates Armed Forces announced the establishment of a $10 billion fund aimed at strategic sectors in Israel on Thursday following a phone call with Israel’s Prime Minister Benjamin Netanyahu.
Through this fund, the UAE will invest in and alongside Israel across sectors including energy, manufacturing, water, space, healthcare and agri-tech, according to the announcement.
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 the UAE and Israel — 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,” the announcement said.
“It is a manifestation of the new spirit of friendship and cooperation between the three countries, as well as their common will to advance the region.”