UAE, Israel set up $10 bln fund to invest in strategic sectors, including agri-tech

The United Arab Emirates and Israel have set up a $10 billion fund to invest in strategic sectors in Israel, state news agency WAM reported on Thursday (March 11).

The sectors include energy, manufacturing, water, space, healthcare, and agri-tech. 

Fund allocations will come from government and the private sector, reported WAM, adding that the fund will support "development initiatives" to promote regional economic cooperation between the two countries.

This is the latest cooperation between UAE and Israel following the historic Abraham Accord signed in August last year that normalised relations between the two countries. 

Most recently, the govevernments of the two countries started discussing a corridor to allow quarantine-free travel, WAM reported on Wednesday.

The corridor will facilitate commercial, tourism and official travel for passengers who are fully vaccinated against COVID-19.

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