The United Arab Emirates unveiled on Thursday a $10 billion fund that will be focused on investing into ‘strategic’ sectors in the Zionist entity.
Emirati official WAM news agency reported the move, saying it follows a “constructive” phone call between Abu Dhabi Crown Prince Sheikh Mohammed bin Zayed and Israeli Prime Minister Benjamin Netanyahu.
Through the body, the UAE “will invest in and alongside Israel, across sectors including energy manufacturing, water, space, healthcare and agri-tech.”
“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,” the report added.
On Thursday, Netanyahu was supposed to visit the UAE with his first official trip, his office said, but the move was eventually scrapped amid diplomatic tensions with Jordan.
Netanyahu’s office said Amman was initially reluctant to approve an airspace entry permit for his visit, adding that the Israeli PM and the UAE crown prince agreed in a phone call to arrange a visit at a different time.
The Zionist entity and the UAE signed a US-brokered pact normalizing their ties in September 2020. The deal, so-called ‘Abraham Accords’ also saw Bahrain normalizing its ties with the occupation regime. Morocco and Sudan then followed suit by announcing that they were normalizing relations with the Zionist entity.