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.

As part of the agreements, ADIO will work closely with both organisations to enable collaboration opportunities between companies.

Dr Tariq Bin Hendi, Director General of ADIO, signed the agreements virtually with David Leffler, Director General Ministry of Economy and Industry of Israel and Dr Ami Appelbaum, Chief Scientist, Ministry of Economy and Industry and Chairman of the Israel Innovation Authority.

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 Co-operation 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.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.”

Under the agreement, ADIO and Invest in Israel will double down on existing co-operation 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.”

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.”