Friday, 2023 September 29

Abu Dhabi investment office to open Tel Aviv site, its first outside the UAE

The state-run Abu Dhabi Investment Office (ADIO) is set to open its first office outside the United Arab Emirates in Tel Aviv, the Abu Dhabi Media Office said on Wednesday, following a US-brokered normalization pact between Israel and the United Arab Emirates (UAE) signed this week at the White House.

“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,” the office said on Twitter.

ADIO and Invest in Israel, which is part of the economy ministry, agreed two weeks ago on bilateral investment cooperation, according to Reuters.

Meanwhile, the Israel and Dubai diamond exchanges announced this week that they have signed a strategic agreement of collaboration to promote cooperation and dialogue between the two bourses. The signing ceremony took place this morning in a video conference.

The Israel Diamond Exchange (IDE) will open a representative office in Dubai, and the Dubai Multi Commodities Center (DMCC) will open an office in Ramat Gan with the purpose of promoting trade between the two countries and assisting with business requirements, according to the deal.

As part of the agreement, the two exchanges will share experience and knowledge and work together to promote bilateral trading opportunities, the announcement said. They will also collaborate on exhibitions, visits, and conferences to intensify ties.

The two parties agree to arrange an Israeli-Dubai diamond fair to be held in the cities of Dubai and Ramat Gan and to cooperate to promote the electronic trade in diamonds.

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Yoram Dvash, the president of IDE, noted his excitement for the deal on both sides.

“Through the World Federation of Diamond Bourses (WFDB) we have come to know and value the leaders of the Dubai diamond industry. The agreement will enable us to build on these relationships to the benefit of the members of our respective bourses,” he said.

“DMCC is tasked by the government of Dubai to drive global commodities trade through Dubai, and this agreement will attract businesses to the emirate as well as boost the regional and international trade of this precious stone,” said Ahmed Bin Sulayem, executive chairman of the DMCC and chairman of the Dubai Diamond Exchange.

“The United Arab Emirates and Israel are home to two of the Middle East’s most dynamic and innovative economies. This agreement paves the way for further collaboration across a range of commodities in what is a very exciting time for development in the region. We look forward to working alongside our partners in Israel,” Bin Sulayem added.

Israel signed normalization pacts at the White House in Washington with both the UAE and Bahrain on Tuesday.

Hours before the signing, Bank Leumi said on Tuesday it had signed memorandums of understanding with First Abu Dhabi Bank and Emirates NBD which would help enable the countries to implement economic relations.

Earlier this month, Israel and the UAE signed a memorandum of understanding in banking that will see a joint committee set up to advance cooperation in finance and investments, lowering financial impediments to making investments between the countries, and promoting joint investments in the capital markets. The deal was signed by the Israeli Prime Minister’s Office acting director general Ronen Peretz and United Arab Emirates Central Bank governor Abdulhamid Saeed.

This article first appeared in NoCamels, which covers innovations from Israel for a global audience.


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