The Abu Dhabi Investment Office (Adio) signed agreements establishing formal ties with two Israeli government entities.
The co-operation with inward investment agency Invest in Israel and the Israel Innovation Authority are part of a series of initiatives Adio is working on to develop private sector opportunities with Israel, the organisation said.
"In those two partners, we have now covered the full circle with some of the other MoUs we have signed in terms of addressing every part of the Israeli ecosystem that we are interested in attracting to Abu Dhabi," Adio's director general Tariq Bin Hendi told The National.
"We want the innovators, we want established companies and we want to make sure that we are helping to simplify their experience and their growth in Abu Dhabi and ultimately access the region from here."
The UAE and Israel normalised relations last September and trade between the two countries is expected to grow to about $4 billion a year, Etihad Credit Insurance said in December.
Although a formal "ribbon-cutting" ceremony for its Tel Aviv office has been delayed due to travel restrictions to limit the spread of Covid-19, it opened last month and is already handling enquiries from Israeli companies interested in setting up in Abu Dhabi as well as finding partners for Abu Dhabi brands looking to access the Israeli market, Mr Bin Hendi said.
"We're now seeing the execution and the delivery of all of the interest and all the information gathering that happened over the last six months. So it's taken people a while – people wanted to touch and feel Abu Dhabi as opposed to me holding a camera up and showing them what it looks like. It's a very different experience," he said.
One major Israeli conglomerate, who he declined to name, has already set up an Abu Dhabi base, Mr Bin Hendi said. Abu Dhabi entities such as G42 and Mubadala have also been looking to explore the Israeli market.
Healthcare has been an early area of interest, and so has finance.
"We've been engaged with some very large Israeli companies on the FinTech side and the financial services side that are looking at ADGM," Mr Bin Hendi said.
Adio's Tel Aviv base is the first of eight new international offices now open across major cities in the US, Europe and Asia supporting a Dh2bn ($545 million) innovation programme offering both financial and non-financial support to high-growth companies in sectors such as healthcare, food, biotech and aviation.
"What we're looking at now is people's ability to travel ... hopefully over the next couple of months once things start to relax a bit, we'll be able to bring more of those people here and showcase what [we] have," Mr Bin Hendi said.
Adio is offering "an alternative to the typical FDI model" of either seeking or exporting capital, he said, by offering to help fund the growth of regional bases to develop local industries and skills. For instance, an organisation setting up a stem cell research facility in the emirate might receive help with capital expenditure to fund machines, but also operating expenses in terms of funding roles for researchers.
Another significant area of interest from Israeli investors is plugging into local universities to run programmes locally to teach technology courses already established at Israeli higher education institutions.
"You can see it becomes part of the way they integrate not only exposure for students but also the ability of these companies to be able to identify the next batch of talent they want to bring in. This is incredibly helpful with our knowledge transfer and upskilling programmes that we are very keen on continuing to develop," he said.
The new agreements "will further strengthen the economic dialogue between Israel and the UAE and promote collaboration between the nations", Israel's minister of economy and industry, Amir Peretz, said.
COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
Expert input
If you had all the money in the world, what’s the one sneaker you would buy or create?
“There are a few shoes that have ‘grail’ status for me. But the one I have always wanted is the Nike x Patta x Parra Air Max 1 - Cherrywood. To get a pair in my size brand new is would cost me between Dh8,000 and Dh 10,000.” Jack Brett
“If I had all the money, I would approach Nike and ask them to do my own Air Force 1, that’s one of my dreams.” Yaseen Benchouche
“There’s nothing out there yet that I’d pay an insane amount for, but I’d love to create my own shoe with Tinker Hatfield and Jordan.” Joshua Cox
“I think I’d buy a defunct footwear brand; I’d like the challenge of reinterpreting a brand’s history and changing options.” Kris Balerite
“I’d stir up a creative collaboration with designers Martin Margiela of the mixed patchwork sneakers, and Yohji Yamamoto.” Hussain Moloobhoy
“If I had all the money in the world, I’d live somewhere where I’d never have to wear shoes again.” Raj Malhotra
The five pillars of Islam
More on animal trafficking
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
UAE currency: the story behind the money in your pockets
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
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Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
UAE currency: the story behind the money in your pockets
COMPANY%20PROFILE
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NEW ARRIVALS
Benjamin Mendy (Monaco) - £51.75m (Dh247.94m)
Kyle Walker (Tottenham Hotspur) - £45.9m
Bernardo Silva (Monaco) - £45m
Ederson Moraes (Benfica) - £36m
Danilo (Real Madrid) - £27m
Douglas Luiz (Vasco de Gama) - £10.8m
MATCH INFO
Manchester City 2 (Mahrez 04', Ake 84')
Leicester City 5 (Vardy 37' pen, 54', 58' pen, Maddison 77', Tielemans 88' pen)
Man of the match: Jamie Vardy (Leicester City)
Blackpink World Tour [Born Pink] In Cinemas
Starring: Rose, Jisoo, Jennie, Lisa
Directors: Min Geun, Oh Yoon-Dong
Rating: 3/5
The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
Ferrari 12Cilindri specs
Engine: naturally aspirated 6.5-liter V12
Power: 819hp
Torque: 678Nm at 7,250rpm
Price: From Dh1,700,000
Available: Now
Company profile
Name: Oulo.com
Founder: Kamal Nazha
Based: Dubai
Founded: 2020
Number of employees: 5
Sector: Technology
Funding: $450,000
RACE CARD
6.30pm Al Maktoum Challenge Round-1 Group 1 (PA) Dh119,373 (Dirt) 1,600m
7.05pm Handicap (TB) Dh102,500 (D) 1,200m
7.40pm Handicap (TB) Dh105,000 (Turf) 1,800m
8.15pm UAE 1000 Guineas Trial (TB) Dh183,650 (D) 1,400m
9.50pm Handicap (TB) Dh105,000 (D) 1,600m
9.25pm Handicap (TB) Dh95,000 (T) 1,000m
Five expert hiking tips
Always check the weather forecast before setting off
Make sure you have plenty of water
Set off early to avoid sudden weather changes in the afternoon
Wear appropriate clothing and footwear
Take your litter home with you
UK-EU trade at a glance
EU fishing vessels guaranteed access to UK waters for 12 years
Co-operation on security initiatives and procurement of defence products
Youth experience scheme to work, study or volunteer in UK and EU countries
Smoother border management with use of e-gates
Cutting red tape on import and export of food
Our legal columnist
Name: Yousef Al Bahar
Advocate at Al Bahar & Associate Advocates and Legal Consultants, established in 1994
Education: Mr Al Bahar was born in 1979 and graduated in 2008 from the Judicial Institute. He took after his father, who was one of the first Emirati lawyers
The specs
Engine: 2.7-litre 4-cylinder Turbomax
Power: 310hp
Torque: 583Nm
Transmission: 8-speed automatic
Price: From Dh192,500
On sale: Now
THE DETAILS
Solo: A Star Wars Story
Dir: Ron Howard
Starring: Alden Ehrenreich, Emilia Clarke, Woody Harrelson
3/5
