Abu Dhabi Investment Office to open first international branch in Tel Aviv

The Abu Dhabi Investment Office (ADIO) has said that it plans to open a network of foreign offices, beginning with its first one in Tel Aviv, Israel.

It said that the new office in Tel Aviv, which will be opened over the coming months, will focus on facilitating connections between innovation-focused companies and organisations in Abu Dhabi and Israel.

The areas of possible collaboration between the two countries include advanced technology and R&D across sectors such as agtech, biomedicine and advanced manufacturing.

#ADIO will open its first international office in Israel as part of broader plans to establish a global network of offices supporting businesses looking to grow in #AbuDhabi. pic.twitter.com/QvtqIM9awv

— Abu Dhabi Investment Office (@InvestAbuDhabi) September 16, 2020

“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,” said Dr. Tariq Bin Hendi, Director General of ADIO.

ADIO is also in discussions with Invest in Israel at the Ministry of Economy and Industry, and a number of other Israeli entities to explore investment and partnership opportunities for companies in Israel and Abu Dhabi with a strong focus on innovation and technology, reported official news agency WAM.

“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,” said Amir Peretz, Minister of Economy and Industry in Israel.

Beyond Israel, ADIO has confirmed that it will also open additional offices in Europe, North America and Asia.

“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,” said Mohammed Ali Al Shorafa, chairman of the Abu Dhabi Department of Economic Development.

On September 15, the UAE and Bahrain signed a historic peace agreement with Israel at the White House.

Read: UAE, Bahrain sign historic peace accord with Israel in the US

Following the decision by the UAE and Israel to normalise relations a few weeks ago, there have already been a number of engagements to explore collaborations between Israeli and Emirati entities across the fields of business and technology.

During a recent visit of an Israeli-American delegation to Abu Dhabi, the UAE and Israel along with the US agreed to cooperation in seven key areas including investment, finance, health, the civilian space programme, civil aviation, foreign policy and diplomatic affairs, and tourism and culture.

Read: UAE, Israel, US issue joint statement reaffirming peace plans; will cooperate in 7 key areas

Earlier this week, Dubai-based lender Emirates NBD signed separate MoUs with Israel’s Bank Leumi Le-Israel and Bank Hapoalim.

Read: Dubai’s Emirates NBD signs MoU with Bank Leumi Le-Israel