ABU DHABI — The United Arab Emirates has announced the establishment of a $10 billion fund aimed at strategic sectors in Israel.

The announcement follows a phone call between Abu Dhabi Crown Prince Sheikh Mohamed bin Zayed and Israeli Prime Minister Benjamin Netanyahu on Thursday.

Through this fund, the UAE will invest in and alongside Israel across sectors including energy, manufacturing, water, space, healthcare, and agri-tech. The investment fund will support development initiatives to promote regional economic cooperation between the two countries. Fund allocations will derive from government and private sector institutions.

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.

This initiative is an integral part of the historic peace accord signed by the UAE and Israel with the United States’ support and demonstrates the benefits of peace by improving the lives of the region’s peoples. It is a manifestation of the new spirit of friendship and cooperation between the three countries, as well their common will to advance the region. — WAM