UAE and Israel will find solutions to challenges such as climate change and desertification, among other areas of cooperation Image Credit: WAM

Abu Dhabi: The UAE and Israel have agreed to set up a joint research and development fund to strengthen their cooperation in various fields and boost their commercial and economic relations.

In a joint statement on the conclusion of Israeli Prime Minister Naftali Bennett’s visit to the UAE, the two nations stressed their desire to reinforce their cooperation in several areas.

The R&D fund will work to harness brilliant economic and technological minds in the UAE and Israel and find solutions to challenges such as climate change and desertification, as well as in clean energy and future agriculture.

The Israeli Prime Minister’s visit is a landmark in the development of UAE-Israeli relations and their significant partnership.

Business opportunities

The two sides discussed a range of economic issues and other topics related to infrastructure, logistics and smart cities and the progress achieved in these spheres during the past year.

They seek to benefit from the points of strength and the strategic relations binding the Emirati and Israeli business community in order to enhance bilateral trade and innovation as well as to tap business opportunities in markets in the Middle East, Commonwealth of Independent States, East Asia and Africa.

The UAE and Israel also discussed their joint efforts to combat the COVID-19 pandemic and highlighted their research and development cooperation in laboratory tests and treatment. They lauded the high rate of vaccinated people in both countries, which are ranked first globally in vaccination.

The two sides reiterated their keenness to continue to encourage tourism and promote the values of inter-faith tolerance and development inter-people relations and peoples worldwide.