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UAE announces $10 billion investment fund in Israel

Friday, 12 March 2021 11:58

By WAM

WAM

The UAE has announced the establishment of a $10 billion fund to boost strategic sectors in Israel.

According to national news agency WAM, the decision was taken following a "constructive" telephone call between His Highness Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, and Israeli Prime Minister Benjamin Netanyahu.

It said through the fund, "the UAE will invest in and alongside Israel across sectors including energy, manufacturing, water, space, healthcare and agri-tech".

It will also support development initiatives to promote regional economic cooperation between the two countries, with "fund allocations derived from government and private sector institutions".

The fund builds on the historic Abraham Accord and aims to bolster economic ties between two of the region’s thriving economies, unlocking investments and partnership opportunities to drive socio-economic progress.

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