US, UAE, Israel form $ 3bAbraham Fund
UAE AND ISRAEL AGREE TO VISA- FREE TRAVEL
The UAE and US and Israel yesterday announced the establishment of joint $ 3 billion investment fund called the Abraham Fund headquartered in Jerusalem as part of efforts to normalise relations and promote regional economic development.
The fund was announced yesterday during a first official visit to Israel by a UAE delegation led by Obaid Humaid Al Tayer, Minister of State for Financial Affairs, following a formal agreement on normalising ties last month.
Focus of the venture
The venture will focus on areas including infrastructure, energy security, agricultural productivity and clean water access, according to a statement from the US Embassy in Israel.
The statement added the venture would mobilise “private sector- led investment.”
After the delegation landed in Israel, Prime Minister Benjamin Netanyahu announced that Israel and the UAE have agreed to reciprocal visa- free travel, making Emirati citizens the first in the Arabworld to not require Israeli entry visas. “We are exempting our nationals from visas,” he said.
The UAE delegation was accompanied by US Treasury Secretary Steven Mnuchin and other American officials on the flight from Abu Dhabi to Ben Gurion Airport near Tel Aviv.
“I think that the visit of such a high level delegation from the UAE... will show our peoples, the region and the entire world the benefit of having friendly, peaceful and normal exchanges,” Netanyahu said.
Plan to open embassy
Al Tayer said the deals offered “great opportunities” to “achieve prosperity for both our economies, and our people”. Citing discussions on taxation and financial relations, he said there had already been significant progress and added: “We look forward to welcoming you to the UAE in the near future.”
Meanwhile, Israeli Foreign Ministry, citing a letter delivered by the head of the UAE delegation, said the UAE is seeking to open an embassy in Tel Aviv, and anticipates that Israel will open its diplomatic mission in Abu Dhabi soon.
The UAE, US and Israel have announced the establishment of the Abraham Fund, which fulfils a commitment made in the Abraham Accords.
Through this fund, the UAE, the US International Development Finance Corporation and Israel will mobilise more than $ 3 billion in private sector- led investment and development initiatives to promote regional economic cooperation and prosperity in the Middle East and beyond.
The partners welcome the participation from other countries to advance these objectives. This initiative is an integral part of the historic peace accord signed by the UAE and Israel with the support of the US, and demonstrates the benefits of peace by improving the lives of the region’s peoples.
It is a manifestation of the new spirit of friendship and cooperation between the countries, as well their common will to advance the region.
People- focused investments
The countries will trilaterally open a development office based in Israel to identify and initiate strategic projects with a high developmental impact, including those that catalyse economic growth, improve standards of living, and create high- value quality jobs.
The fund will enable its members to launch people focused investments, providing opportunity and hope for the region and its youth by enabling themto build a future that serves them and their communities.
The UAE, US and Israel believe that this initiative will create the foundation for stronger regional cooperation based on diversity, exchange, and shared humanity.
Putting the wellbeing of people of the region first
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. The fund also aims to improve agricultural productivity and facilitate reliable and efficient access to clean water in the region.
Ahmad Ali Al Sayegh, UAE Minister of State, said that the fund “reflects the desire of the three countries to put the wellbeing of people first, regardless of their creed or identity.”
The UAE “is confident the initiative can be a source of economic and technological strength for the region, while simultaneously improving the lives of those who need the most support”, he added.
“The Abraham Fund will tackle challenges facing the region and increase economic opportunity for everyone,” said Adam Boehler, CEO of the US International Development Finance Corporation. “We are excited to take this historic partnership to the next level to promote shared prosperity.”
“The Abraham Fund we are launching today will be an essential tool in the realisation of the vision of our leaders to enhance regional cooperation,” said Ronen Peretz, Director-General of the Israeli Prime Minister’s Office.
“It will support the ingenuity of our entrepreneurs, it will produce the necessary menu of financial tools and it will provide the facilitation of our governments. The combination of business, finance, and government is essential in the creation of projects on the ground.”