UAE delegation led by Obaid Humaid Al Tayer signs landmark agreements with Israel

On Tuesday, a UAE delegation led by Minister of State for Financial Affairs, Obaid Humaid Al Tayer, travelled to Israel to sign a number of agreements across sectors including investment, tourism, financial services and technology.

During the visit, both sides signed several agreements including:
– Promotion and protection of investments
– Agreement on air services
– Mutual exemption of entry visa requirements
– MoU on cooperation in the fields of improvement and development of science and technology
– MoU on mutual economic cooperation
– Declaration of intent on establishing cooperation in the field of financial services

The agreements were signed with the Minister of Finance, Israel Katz, in the presence of Younis Haji Al Khoori, and a number of senior officials from both sides, including the Prime Minister of Israel, Benjamin Netanyahu.

Al Tayer added that signing these agreements will create an attractive investment climate to attract mutual investments.

“I express my gratitude and appreciation to Israeli Prime Minister, Benjamin Netanyahu, for hosting and welcoming the UAE delegation here in Tel Aviv. The historic peace accord signed was the first step taken towards achieving security and stability in the region, and a means to provide more opportunities for future generations,” said Al Tayer.

“Signing the agreement on the promotion and protection of investments between the UAE and Israel contributes to the protection and enhancement of investment partnerships by providing investment guarantees that protect non-commercial risks. This will encourage all governmental, semi-governmental and private sectors in the two countries to build strategic partnerships,” added Al Tayer.

Significantly, the two countries are also in the preliminary stages of discussions on working towards a Double Taxation Avoidance Agreement, reported state news agency WAM.

As part of the several agreements signed on Tuesday, the UAE and Israel have introduced reciprocal visa-free travel. Emirati citizens will become the first in the Arab world to not require Israeli entry visas, with the UAE and Israel agreeing earlier this week to 28 weekly flights to begin shortly between the two countries.

Read: UAE, Israel agree on bilateral visa-free travel

Also on Tuesday, the UAE, US, Israel, established a $3bn Abraham Fund to help stimulate private sector-led investments across the region.

The Abraham Fund will bolster regional trade, enable strategic infrastructure projects, and increase energy security through the provision of reliable and affordable access to electricity.

It also aims to improve agricultural productivity and facilitate reliable and efficient access to clean water in the region. The three countries have confirmed that they will trilaterally open a development office based in Israel too.