Abu Dhabi - Move aims to facilitate investment and partnership opportunities between UAE and Israel.
Published: Wed 16 Sep 2020, 8:50 PM
Last updated: Wed 16 Sep 2020, 11:04 PM
The state-run Abu Dhabi Investment Office (ADIO) is to open its first office outside the UAE in Tel Aviv, it was announced on Wednesday, following normalisation of relations between the UAE and Israel.
Israel on Tuesday signed normalisation agreements at the White House in Washington with both the UAE and Bahrain.
"Tel Aviv is the first in a planned network of international offices that will support companies looking to expand their operations in Abu Dhabi, and to connect innovators from around the world to solve global challenges," a statement from the Abu Dhabi Media Office said on Twitter.
ADIO and Invest in Israel, part of the economy ministry, agreed two weeks ago on bilateral investment cooperation.
In a press release issued on Wednesday, ADIO said the move 'will focus on facilitating connections between innovation-focused companies and organisations in Abu Dhabi and Israel.'
The firm plans to open a network of international offices to support global companies looking to establish and expand their operations in the UAE capital.
ADIO plans to open additional offices in Europe, North America and Asia.
Mohammed Ali Al Shorafa, Chairman of the Abu Dhabi Department of Economic Development, said of the announcement: "Abu Dhabi is outward-looking, forward-thinking and committed to global cooperation and mutually beneficial trade. The opening of an international network of investment offices will create new opportunities to connect with innovators from around the world and work together to solve challenges of global importance."
The opening of a representative office in Tel Aviv follows the UAE's expansion of diplomatic and commercial cooperation with Israel.
ADIO is currently in discussions with Invest in Israel at the Ministry of Economy and Industry, and a number of other Israeli entities to unlock investment and partnership opportunities for companies in Israel and Abu Dhabi with a strong focus on innovation and technology.
Amir Peretz, the Minister of Economy and Industry in Israel, commented: "The Ministry of Economy and Industry is delighted to support the opening of ADIO's office in Israel, and is sure that this move will contribute to the strengthening of the economic dialogue between Israel and Abu Dhabi to promote collaboration between the nations."
Areas identified for possible close collaboration between Abu Dhabi and Israel include advanced technology and R&D, across sectors such as AgTech, biomedicine and advanced manufacturing. Cooperation in these areas has the potential to create innovative solutions that will benefit the region.
Dr Tariq Bin Hendi, Director General of ADIO, the government hub supporting private sector investment in the Emirate of Abu Dhabi, said: "ADIO understands the journey that innovative international companies undertake and can help them achieve their potential in Abu Dhabi while solving challenges of global importance. Cooperation between Abu Dhabi and Israel in areas like AgTech, for instance, will create innovations that are exportable and relevant to countries with similar climate conditions.
"Establishing a representative office in Israel is an important next step to making that happen, enabling us to continue focusing on growing sectors with the greatest potential to positively impact the wider region."
ADIO's Tel Aviv office is anticipated to be operational in the coming months.
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