ABU DHABI, 24th February, 2021 (WAM) -- The Abu Dhabi Investment Office (ADIO) has established formal ties with another two key Israeli government entities to accelerate private sector collaboration on investment and innovation.

The separate agreements signed with Invest in Israel and the Israel Innovation Authority form part of a series of strategic initiatives ADIO is undertaking to drive greater private sector opportunities with Israel.

Invest in Israel is the investment promotion agency of Israel established under the Israeli Ministry of Economy and Industry, while the Israel Innovation Authority is an independent, statutory, public agency whose mission is to promote innovation and create economic growth in Israel. As part of the agreements, ADIO will work closely with both organisations to enable collaboration opportunities between companies.

Mohammed Ali Al Shorafa, Chairman of the Abu Dhabi Department of Economic Development (ADDED), said, 'As a regional leader in technology and R&D, Abu Dhabi sees synergies with Israeli entities across multiple innovation-focused sectors including AgTech, biomedicine and advanced manufacturing. The cooperation agreements mark a significant milestone on a journey to advance collaboration between our two markets in pursuit of solutions that can benefit the wider region.'

Amir Peretz, Israel’s Minister of Economy and Industry, commented, 'The Ministry of Economy and Industry is delighted to support the cooperation agreements between Invest in Israel and also the Israel Innovation Authority with the Abu Dhabi Investment Office. We are confident that these mutual alignments will further strengthen the economic dialogue between Israel and the UAE and promote collaboration between the nations. I would like to thank Ziva Eger that in her role as Chief Executive of Invest in Israel and the Industrial Cooperation Authority, Ziva promoted and led the strategic dialogue with ADIO and the signing of this agreement.'

Dr. Tariq Bin Hendi, Director-General of the ADIO, said, 'Abu Dhabi is an established destination for businesses and start-ups from all over the world. We have had an amazing response from Israeli companies and are currently in discussions with a large number of Israeli entrepreneurs, start-ups and businesses about expanding to Abu Dhabi, some of which already have.'

Invest in Israel serves as a one-stop-shop for foreign investors and a connector between the private and public sectors to attract meaningful investments to Israel. Under the agreement, ADIO and Invest in Israel will double down on existing cooperation to support mutual investment in both markets by referring opportunities and disseminating best practices.

David Leffler, Director-General of the Ministry of Economy and Industry of Israel, said, 'We are delighted to announce a historic collaboration between the Israeli investment promotion unit – Invest in Israel – and its parallel in Abu Dhabi – the Abu Dhabi Investment Office. Both organisations share a mutual vision of leading international trade relations and investments between Israel and the UAE.'

Dr. Ami Appelbaum, Chief Scientist of the Ministry of Economy and Industry and Chairman of the Israel Innovation Authority, said, 'The agreement between the Innovation Authority and ADIO is a unique opportunity to leverage the UAE’s dynamic economy and Israel's sweeping innovative culture.

'We are fostering mutual economic growth, technological diversity and sustainability across both regions. It is by combining the UAE’s and Israel’s respective strengths and engaging in best practices, that both countries will be able to spearhead transformation and design the future impacting the lives of people in the UAE, Israel and worldwide.'

ADIO also recently opened its first international office in Tel Aviv.

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