Israeli firms to invest $500m in key UAE sectors

Israeli companies are expected to invest in various UAE sectors to the tune of $500 million (Dh1.835 billion), said Dr Fahed Al Meraabi, chairman and chief executive of Zurich Capital Funds.

“We are looking at bringing investment in both ways from the UAE to Israel as well and vice-versa. We’ve received now almost $500 million in commitments from Israeli investors to invest in the UAE in major sectors such as real estate, fintech, blokchain and digital banking platforms. These companies are already serving in Israel to different banking institution and insurance firms,” Al Meraabi said.

Zurich Capital Funds has also launched Cricket Coin in partnership with around three dozen Israeli companies and other local partners.

As the economic and trade relationship between grows at breakneck speed between the two countries, Gitex Technology Week shall be hosting the inaugural UAE-Israel Future Digital Economy Summit in partnership with the Israel Export Institute and Bank Hapoalim.

This historic summit congregates the sharpest and brightest in technology and innovation leadership from two nations eager to co-create a transformative digital future through conversations in collaboration.

The UAE and Israel have normalised relationship following the signing of the Abraham Accord on September 15 in Washington DC. Since then, a number of agreement in a wide range of sectors between government and private have been signed. The two countries’ national carriers have also launched regular commercial flights between the two countries to taking advantage of the boom in the local trade and tourism sector.

Officials estimate that annual non-defence trade between between Israel and the UAE is expected to reach $4 billion.

— waheedabbas@khaleejtimes.com