Abu Dhabi's Adio signs pact with Israel's export institute to boost investment opportunities

Adio plans to set up an international representative office in Israel

The agreement between Adio and The Israel Export & International Cooperation Institute also involves hosting joint events. Victor Besa / The National.

Abu Dhabi Investment Office, the government body responsible for attracting foreign investment into the emirate, signed a cooperation agreement with Israel’s export institute to unlock investment opportunities in both countries.

The agreement with The Israel Export & International Cooperation Institute (IEICI) will allow both organisations to host joint events and support government and industry delegations to boost trade and investment, Adio said in a statement on Tuesday.

Adio will work closely with the IEICI, connecting Israeli companies with strategic partners and resources in Abu Dhabi to foster long-term success, it said.

Tariq Bin Hendi, director general of Adio and Adiv Baruch, chairman of IEICI and its director general Gadi Ariely signed the virtual agreement.

“Adio is working to establish links with the key facilitators of investment and innovation between Abu Dhabi and Israel,” Mr Bin Hendi said. “Our agreement with Israel Export Institute is an important next step in creating the platform to advance and accelerate opportunities for companies in Abu Dhabi and Israel.”

In September, Adio said it plans to set up an international representative office in Israel. It will be its first of an international network of offices that will also span key markets in Europe, North America and Asia, the government body said at the time.

Deals between the UAE and Israeli trade and investment bodies comes after the two countries signed the Abraham Accord to normalise relations. The accord allows for investments and the growth of the tourism, aviation, security, telecoms, technology, financial services, energy and healthcare sectors in both countries.

“Rapid progress is being made in laying the foundations for closer private sector cooperation for Abu Dhabi and Israel,” Mohammed Ali Al Shorafa, chairman of the Abu Dhabi Department of Economic Development, said on Tuesday.

“This agreement [between Adio and IEICI] is an important opportunity to strengthen business cooperation and enable technical and commercial collaboration between our respective markets.”

Amir Peretz, Israel’s Minister of Economy and Industry, said the latest deal is of “even greater significance” as the Israeli economy is “in a difficult situation, and the revenue cycle of many established Israeli companies is suffering considerably” in the wake of the Covid-19 crisis.

“I do hope that the economic ties that are being built with the UAE will play a significant part in accelerating [the growth of] the Israeli economy during this difficult period,” the minister said.