Finance & Capital Market

Abu Dhabi to set up investment office in Israel

The Abu Dhabi Investment Office (ADIO) plans to open an investment office in Tel Aviv, Israel as part its plans to establish a network of international offices to support global companies looking to expand their operations in the UAE capital.

The Tel Aviv office will focus on facilitating connections between innovation-focused companies and organisations in Abu Dhabi and Israel, reported Emirates news agency WAM.

An international network of representative offices will enable ADIO to seamlessly support innovative international companies and individuals to grow and expand in the emirate. ADIO plans to open additional offices in Europe, North America and Asia.

Mohammed Ali Al Shorafa, Chairman of the Abu Dhabi Department of Economic Development, said: "Abu Dhabi is outward-looking, forward-thinking and committed to global cooperation and mutually beneficial trade. The opening of an international network of investment offices will create new opportunities to connect with innovators from around the world and work together to solve challenges of global importance."

The opening of a representative office in Tel Aviv follows the UAE’s expansion of diplomatic and commercial cooperation with Israel. As a leading regional R&D hub and home to a thriving tech industry, Abu Dhabi is well placed to partner with Israeli organisations at the forefront of innovation.

ADIO is currently in discussions with Invest in Israel at the Ministry of Economy and Industry, and a number of other Israeli entities to unlock investment and partnership opportunities for companies in Israel and Abu Dhabi with a strong focus on innovation and technology.

Amir Peretz, the Minister of Economy and Industry in Israel, said: "The Ministry of Economy and Industry is delighted to support the opening of ADIO’s office in Israel, and is sure that this move will contribute to the strengthening of the economic dialogue between Israel and Abu Dhabi to promote collaboration between the nations."

Areas identified for possible close collaboration between Abu Dhabi and Israel include advanced technology and R&D, across sectors such as AgTech, biomedicine and advanced manufacturing. Cooperation in these areas has the potential to create innovative solutions that will benefit the region.

Dr Tariq Bin Hendi, Director General of ADIO, the government hub supporting private sector investment in the Emirate of Abu Dhabi, said: "ADIO understands the journey that innovative international companies undertake and can help them achieve their potential in Abu Dhabi while solving challenges of global importance. Cooperation between Abu Dhabi and Israel in areas like AgTech, for instance, will create innovations that are exportable and relevant to countries with similar climate conditions.

“Establishing a representative office in Israel is an important next step to making that happen, enabling us to continue focusing on growing sectors with the greatest potential to positively impact the wider region."

ADIO’s Tel Aviv office is anticipated to be operational in the coming months, the report said.