The two cooperation agreements form part of a series of strategic initiatives ADIO is undertaking to drive greater private sector opportunities with Israel.
The Abu Dhabi Investment Office (ADIO) has established formal ties with another two key Israeli government entities to accelerate private sector collaboration on investment and innovation. The separate cooperation agreements signed with Invest in Israel and the Israel Innovation Authority form part of a series of strategic initiatives ADIO is undertaking to drive greater private sector opportunities with Israel.
Invest in Israel is the investment promotion agency of Israel established under the Israeli Ministry of Economy and Industry, while the Israel Innovation Authority is an independent, statutory, public agency whose mission is to promote innovation and create economic growth in Israel. As part of the agreements, ADIO will work closely with both organisations to enable collaboration opportunities between companies.
H.E. Mohammed Ali Al Shorafa, Chairman of the Abu Dhabi Department of Economic Development (ADDED), said: “As a regional leader in technology and R&D, Abu Dhabi sees synergies with Israeli entities across multiple innovation-focused sectors including AgTech, biomedicine and advanced manufacturing. The cooperation agreements mark a significant milestone on a journey to advance collaboration between our two markets in pursuit of solutions that can benefit the wider region."
Amir Peretz, the Minister of Economy and Industry of Israel, commented: "The Ministry of Economy and Industry is delighted to support the cooperation agreements between Invest in Israel and also the Israel Innovation Authority with the Abu Dhabi Investment Office. We are confident that these mutual alignments will further strengthen the economic dialogue between Israel and the UAE and promote collaboration between the nations. I would like to thank Ms. Ziva Eger that in her role as Chief Executive of Invest in Israel and the Industrial Cooperation Authority, Ziva promoted and led the strategic dialogue with ADIO and the signing of this agreement."
The cooperation agreements build on a series of initiatives established between ADIO and Invest in Israel including formal company introductions and a series of informative webinars about each market. In addition, ADIO and the Israel Innovation Authority are working together to establish a joint programme designed to complement the development of new Israeli technologies in Abu Dhabi, in order to demonstrate the applicability of numerous technological innovations in a multitude of sectors.
H.E. Dr. Tariq Bin Hendi, Director General of ADIO, the government hub supporting private sector investment in the Emirate of Abu Dhabi, said: “Abu Dhabi is an established destination for businesses and startups from all over the world. We have had an amazing response from Israeli companies and are currently in discussions with a large number of Israeli entrepreneurs, startups and businesses about expanding to Abu Dhabi, some of which already have. The cooperation agreements with Invest in Israel and the Israel Innovation Authority will accelerate partnerships and opportunities for businesses in our two markets. It is truly amazing to see how far we have come since our initial meeting with Ziva Eger and her team at Invest in Israel in the days following the announcement of the Abraham Accords. Both of these partnerships and much of the activity to date can be attributed to that historic moment.”
Invest in Israel serves as a one-stop shop for foreign investors and a connector between the private and public sectors with the objective of attracting meaningful investments to Israel. Under the agreement, ADIO and Invest in Israel will double down on existing cooperation to support mutual investment in both markets by referring opportunities and disseminating best practices.
David Leffler, Director General Ministry of Economy and Industry of Israel, said: “We are delighted to announce a historic collaboration between the Israeli investment promotion unit – Invest in Israel – and its parallel in Abu Dhabi – the Abu Dhabi Investment Office. Both organisations share a mutual vision of leading international trade relations and investments between Israel and the UAE. We are looking forward to a fruitful and successful collaboration between the two economies."
With deep knowledge and understanding of the unique challenges facing companies and entrepreneurs, the Israel Innovation Authority provides a variety of practical tools and funding platforms aimed at addressing the dynamic and changing needs of the local and international innovation ecosystems. Formalising the relationship between ADIO and the Israel Innovation Authority is a key step forward in connecting businesses across sectors and markets with the goal of conducting mutual development of innovation and technology.
Dr. Ami Appelbaum, Chief Scientist, Ministry of Economy and Industry and Chairman of the Israel Innovation Authority, said: "The agreement between the Innovation Authority and ADIO is a unique opportunity to leverage the UAE’s dynamic economy and Israel's sweeping innovative culture. This collaboration will benefit both countries, building on Abu Dhabi's standing as a global hub for business and innovation and an industry and finance trendsetter, and Israel's creative entrepreneurial spirit and breakthrough academic research. The agreement catalyses partnerships between Emirati and Israeli companies at all growth stages as well as institutions, investors, startups and aspiring entrepreneurs for the development of advanced technological innovations in leading sectors such as agriculture and healthcare. We are fostering mutual economic growth, technological diversity and sustainability across both regions. It is by combining the UAE’s and Israel’s respective strengths and engaging in best practices, that both countries will be able to spearhead transformation and design the future impacting the lives of people in the UAE, Israel and worldwide.”
The agreements are part of a series of official partnerships ADIO has made with Israeli entities and institutions to further strengthen the foundations for bilateral trade and investment with Israel. ADIO also recently opened its first international office in Tel Aviv.