UAE announces £7 billion fund to invest in Israel

Israeli PM Benjamin Netanyahu said the fund will “boost” Israel's economy as two countries seek to foster stronger ties

March 12, 2021 14:27

TOPSHOT - The Emirati, Israeli and US flags are picture attached to an air-plane of Israel's El Al, adorned with the word "peace" in Arabic, English and Hebrew, upon it's arrival at the Abu Dhabi airport in the first-ever commercial flight from Israel to the UAE, on August 31, 2020. - A US-Israeli delegation including White House advisor Jared Kushner took off on a historic first direct commercial flight from Tel Aviv to Abu Dhabi to mark the normalisation of ties between the Jewish state and the UAE. (Photo by KARIM SAHIB / AFP) (Photo by KARIM SAHIB/AFP via Getty Images)

ByMathilde Frot

1 min read

The United Arab Emirates has said it will establish a 10 billion dollar fund (£7b) to invest in Israel as the two countries seek to foster stronger ties.

The UAE became the third Arab state to forge diplomatic relations with Israel in a landmark US-brokered deal last year.

The fund set to support projects across sectors such as manufacturing and healthcare was announced by official Emirati news agency WAM on Thursday.

Israeli PM Benjamin Netanyahu said the fund would “boost” Israel's economy and also revealed plans to “promote a green passport agreement”.