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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. Image Credit: Ahmed Ramzan/Gulf News

Abu Dhabi: 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.

“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," said Mohammed Ali Al Shorafa, Chairman of the Abu Dhabi Department of Economic Development (ADDED).

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.

“We are confident that these mutual alignments will further strengthen the economic dialogue between Israel and the UAE and promote collaboration between the nations,” said Amir Peretz, the Minister of Economy and Industry of Israel.

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.

“The cooperation agreements with Invest in Israel and the Israel Innovation Authority will accelerate partnerships and opportunities for businesses in our two markets,” said Dr. Tariq Bin Hendi, Director General of ADIO.