UAE’s Abu Dhabi Investment Office chooses Israel for first international office

A general view of Abu Dhabi, United Arab Emirates. (File Photo: Reuters)

The UAE’s Abu Dhabi Investment Office (ADIO) has chosen Israel as the location for its first office outside the country, state media announced on Wednesday.

“ADIO is to open its first investment office outside the UAE in Tel Aviv, as part of efforts to unlock investment and partnership opportunities” between the UAE’s capital city and Israel, Abu Dhabi Media office posted on Twitter.

Further international offices are also being planned in Europe, North America, and Asia, according to the statement, which said the foreign offices will support companies looking to expand their operations in Abu Dhabi and connect innovators from around the world.

The announcement comes one day after the UAE and Israel signed a historic agreement at the White House to normalize relations.

Israel's Prime Minister Benjamin Netanyahu, UAE Foreign Minister Abdullah bin Zayed and Bahrain’s Foreign Minister Abdullatif Al Zayani at the White House in Washington, U.S., September 15, 2020. (Reuters)

Israel's Prime Minister Benjamin Netanyahu, UAE Foreign Minister Abdullah bin Zayed and Bahrain’s Foreign Minister Abdullatif Al Zayani at the White House in Washington, U.S., September 15, 2020. (Reuters)

The two countries signed a Memorandum of Understanding (MoU) on banking and finance on September 1.

The first official Israeli trade delegation arrived in the UAE one week later, on September 8, including the CEO of the biggest bank in Israel.

Dov Kotler, the head of Bank Hapoalim, met with government officials and the heads of the largest banks in the UAE.

Bank Leumi, Israel’s second leading bank after Bank Hapoalim, sent a delegation to the UAE this week and announced the signing of two cooperation MoUs with banks in the UAE.

The accords were signed with First Abu Dhabi Bank (FAB) and Emirates NBD.

Abu Dhabi Islamic Bank said Wednesday it had signed a memorandum of understanding with Bank Leumi to explore areas for future cooperation in the UAE, Israel and other international markets.

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Last Update: Wednesday, 16 September 2020 KSA 19:29 - GMT 16:29
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