Israel, UAE and US launch joint fund in Jerusalem during first Emirati visit Don’t expect UAEstyle warmth when ties established with Sudan,
UAE formally requests embassy in Tel Aviv • ‘ We’re making history,’ PM says
The US, Israel and the United Arab Emirates announced the establishment of a joint regional development fund based in Jerusalem during the first- ever visit of a government delegation from Abu Dhabi to Israel on Tuesday.
Also during the visit, the UAE officially requested to open an embassy in Tel Aviv. Members of the delegation gave Foreign Minister Gabi Ashkenazi a letter in which his UAE counterpart Abdullah bin Zayed says he “appreciate[ s] the efforts you are making to promote cooperation between our countries, and I have full faith in your unreserved support for opening diplomatic missions in Tel Aviv and Abu Dhabi as quickly as possible.”
The Abraham Fund – derived
from the Abraham Accords, as the deal between Israel and the UAE and Bahrain is known – will be launched with an office in Jerusalem and a $ 3 billion starting trilateral investment to promote economic cooperation and prosperity in the Middle East and North Africa.
The fund “is a manifestation of the new spirit of friendship and cooperation between the three countries, as well as their common will to advance the region,” a statement from the US Embassy in Israel said, adding that other countries will be welcome to join.
It will invest in “people- focused investments,” including in increased regional trade, strategic infrastructure projects, energy security and agricultural productivity.
US International Development Finance Corporation CEO Adam Boehler announced the fund on the tarmac at Ben- Gurion Airport, where a ceremony was held in honor of the first Emirati government delegation to Israel, led by UAE Financial Affairs Minister Obaid Humaid al Tayer.
Prime Minister Benjamin Netanyahu “asked us to come to do everything we could to turn the words of the accords into action, and invest behind these accords and support other countries as they support these accords,” Boehler said. “People are tired of the same and want economic security and jobs that come from enduring peace.”
Boehler said progress had been made on two projects: “MedRed” – a preliminary deal with Israeli pipeline company EPAC to transport oil from the UAE to Europe via a pipeline connecting the Red Sea from Eilat to the Mediterranean at the Ashdod Port – and an effort to modernize checkpoints for Palestinians in Israel and Jordan.
Among the agreements Israel and the UAE signed on Tuesday was one allowing for travel between the countries without a visa, the first agreement of its kind between Israel and an Arab state.
Other agreements were on protecting investments; science and technological cooperation; and regular flights between the countries.
“We are making history in a way that will stand for generations,” Netanyahu said. “This meeting shows the region and the entire world the benefit of
the budget. “The finance minister needs to expedite a budget,” he said.
Likud and Blue and White are set to cooperate in the Knesset on Wednesday, despite their ongoing dispute. Likud will help Blue and White block Yamina MK Bezalel Smotrich’s bill that proposes the Knesset probe conflicts of interest among judges, while Blue and White will help Likud to stop Yesh Atid from initiating a parliamentary probe of the Submarine Affair.
Blue and White intends to test its partnership with Likud at next week’s cabinet meeting by proposing several key appointments that have been held up for
months, including a new director- general of the Justice Ministry.