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Delegation aims to sign several mutually beneficial agreements to advance various fields after historic UAE-Israel Abraham agreement
The Tel Aviv Stock Exchange (TASE) has issued an official invitation to Abu Dhabi following its visit to ADGM in March 2022 to further strengthen cooperation in the financial industry and promote the UAE-Israel Economic Corridor. — photos provided
An official delegation from Abu Dhabi arrived in Tel Aviv on Monday, September 5, 2022, as part of a move that continues to develop following the signing of the historic Abraham Accords between the two countries.
Delegation to Tel Aviv included Abu Dhabi Global Market (ADGM), Abu Dhabi Development Fund, Mubadala, Mubadala Oil Company, ADNOC, Abu Dhabi Stock Exchange, Abu Dhabi Health Authority, Abu Dhabi Abu Dhabi Investment Office, AIQ – Abu Dhabi – Headquartered in AI and Cloud Computing, Ministry of Culture and Tourism, Abu Dhabi Chamber of Commerce, Hub71 and First Abu Dhabi Bank, leading Abu Dhabi entities and top Israeli The company provides a strengthening platform to explore business opportunities and advance the strategic bilateral relationship between the two capitals.
During the two-day visit to Israel, the delegation participated in a joint business forum organized by Tel Aviv Stock Exchange (TASE) and Abu Dhabi’s leading International Financial Centre (IFC) ADGM in cooperation with the UAE Embassy in Israel and witnessed many The networking events and conferences are enriched by prominent business leaders from Israel, as well as thought leaders and executives from public companies, top institutional investors and other capital market players. The business forum aimed at establishing the UAE-Israel Economic Corridor has been a huge success and yielded notable results.
Following the successful visit of the TASE delegation to the UAE and ADGM in March 2022, the two countries recognized the main pillars of a prolific business relationship and formally invited a joint business forum in Tel Aviv for continued business and strategic ties. These pillars are further strengthened by the Memorandum of Understanding (MoU) signed between the two countries this year in mutually beneficial areas, laying the foundation for economic cooperation.
The most recent delegation signed three landmark memorandums of understanding on September 6, 2022, to explore and create various business opportunities in the financial sector, fostering a close and broad partnership between the two jurisdictions. Mohamed Al Khaja, UAE Ambassador to Israel, and Ahmed Jasim Al Zaabi, Chairman of ADGM, witnessed the MoU.
ADGM and Start-up Nation Central Ltd. (SNC), an Israeli organization dedicated to strengthening the Israeli innovation ecosystem and linking it to global opportunities, signed a memorandum of understanding during the business mission. Both parties are working to strengthen innovation ecosystems in their respective countries, and the MoU intends to bring them together in an effort to make valuable contributions to the further development of these ecosystems through various initiatives.
Commercial partnerships and collaborations will also be explored to promote opportunities for companies in their respective ecosystems and to open commercial presences in Abu Dhabi and Israel. Policies and funding inputs can also be communicated to the same goals of co-support events and workshops.
Another Memorandum of Understanding signed between ADGM Academy and Avnon Group Middle East was also witnessed by the delegation. The MoU explores opportunities to establish a framework for cooperation and information exchange to establish information related to the development of the ADGM Digital Assets Knowledge Center, which focuses on cybersecurity, artificial intelligence, blockchain, etc., to improve cybersecurity and related fields Literacy.
The signatories intend to further develop areas of cooperation by providing educational services, upskilling existing professionals for future jobs, promoting entrepreneurial creation and developing products and services that contribute to the UAE’s knowledge economy.
The ADGM Data Protection Office and the Israel Privacy Protection Authority (IPPA) have signed a Memorandum of Understanding to promote mutual understanding of the legislative, procedural and information technology frameworks in the area of data and privacy protection in their respective jurisdictions. Other areas to be explored include developing and sharing best practices to help each authority continuously improve the efficiency and effectiveness of performing its functions, exchanging views between authorities on matters of mutual interest, and within their respective jurisdictions and for each The staff of the two authorities provide mutual training.
On the occasion, Mohamed Al Khaja, UAE Ambassador to the State of Israel, said: “I would like to see leading companies from both countries collaborate and build commercial links on a solid basis, including our CEPA trade agreement, creating new business entry. new market.”
“This in turn will create jobs and drive further economic growth for the benefit of all Israelis and Emiratis,” Ambassador Al Khaja added.
Commenting on the success of the delegation, ADGM Chairman Ahmed Jasim Al Zaabi said: “The Tel Aviv delegation is a testament to Abu Dhabi’s long-standing commitment to strengthening ties between the two countries and building bridges between Israel and the UAE. According to the UAE-Israel Business Council’s It is estimated that the existing UAE-Israel Economic Corridor has exceeded US$1 billion with the exploration of numerous business opportunities. The projected growth for 2022 is said to be US$2 billion.”
He further added: “This delegation, high profile network and MoU signed at the forum are the cornerstones of the anticipated unprecedented growth. We are excited to explore bilateral growth and investment opportunities through our industry’s joint efforts. We believe that these collaborative efforts Will help realize the true potential of both markets when working together.”
Ittai Ben Zeev, CEO of the Tel Aviv Stock Exchange, said: “We must also open the Israeli market to the Eastern Hemisphere. More diversification of economic relations will put Israel in a better position to cope with the rising cost of living. We are committed to continuously increasing Israel The number and diversity of investors in the capital markets. The first visit of the delegation to Israel aims to expose the Abu Dhabi business community to leading Israeli companies listed on TASE. This is an opportunity to familiarize Abu Dhabi officials with the strength of the Israeli economy and educate them about the strength of the Israeli economy An important sectoral opportunity for TASE.”
“Since the signing of the Abraham Accords, Start-Up Nation Central has made connecting with the UAE one of its cornerstone missions. We believe innovation has the potential to form strong international relationships,” said Avi Hasson, CEO of Start-Up Nation Central. “Combining Israeli technology with UAE innovation and entrepreneurial thinking, with strong support from ADGM, can further strengthen commercial ties and deepen the people-to-people ties that underlie the bilateral relationship.”
Britain. ADIO Acting Director General Abdulla Abdul Aziz AlShamsi said: “The Abu Dhabi delegation to Tel Aviv represents a significant and meaningful development in the fast-growing relationship between our two markets, which have grown since the Abraham Accords Huge progress, especially in the areas of advanced technology and innovation. This visit demonstrates the depth of knowledge and ambition of the Israeli business ecosystem and reinforces our belief that cooperation between Abu Dhabi and Israel will lead to a mutually beneficial partnership Building on ADIO’s efforts to strengthen ties with our opening of an office in Israel to facilitate new partnerships, we will continue to support Israeli businesses seeking international growth, connecting them to strategic opportunities in Abu Dhabi and beyond. “
The Abraham Accords are the first step towards demonstrating and promoting access to business opportunities in the UAE. In addition to ADGM’s cooperation with the Israel Companies Authority on commercial registration and hosting a delegation of VIPs and business leaders from Israel, it also witnessed the milestone licensing of the first Israeli venture capital firm, OurCrowd Arabia, to become a part of the ADGM ecosystem Part of one of its main focuses is fintech.
The governments of the UAE and Israel follow up on another landmark agreement with the Comprehensive Economic Partnership Agreement (CEPA) signed in May 2022, which focuses on boosting bilateral trade to over $10 billion over five years, enabling The UAE’s GDP increased by $1.9 billion.
ADGM aims to further leverage synergies across jurisdictions in high-potential areas such as fintech and entrepreneurship, as well as progressive regulatory frameworks across jurisdictions, to foster co-development.
— business@khaleejtimes.com
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