Abu Dhabi: – United Arab Emirates (UAE) will be investing USD 10 billion in Israel’s strategic sectors. This decision was taken after the telephonic discussion between UAE Crown Prince Sheikh Mohammed bin Zayed and Israeli Prime Minister Benjamin Netanyahu. This investment of billions of dollars by the UAE, who has established official ties with Israel just six months ago, becomes significant. Simultaneously, claims are being made that Israeli entrepreneurs have taken the initiative to start their businesses in the UAE. This cooperation between UAE and Israel indicate that the winds of change are powerful in the Gulf.
The Israeli Prime Minister was scheduled to visit UAE on Thursday. Prime Minister Netanyahu was to discuss cooperation between Israel and UAE with Crown Prince Mohammed Bin Zayed. But as Jordan delayed the permission to use its airspace, the visit had to be cancelled. Thereafter, Prime Minister Netanyahu held a telephonic discussion with Crown Prince Zayed. The UAE mouthpiece has reported the details of the discussions between the two leaders.
The UAE mouthpiece informed, ‘There were constructive discussions between the two leaders. Thereafter, the UAE Crown Prince announced an investment of USD 10 billion in Israel. UAE will be investing in strategic sectors like water, energy, manufacturing, space, health and agricultural technologies. The UAE government and private companies will be making these investments.’
UAE is making this investment against the background of the historic Abraham agreement. Israel, as well as UAE, are prosperous economies in the sector. The UAE news agency claimed that this investment would result in more development in both countries. UAE becomes the third Arab country to invest in Israel. Before this, Egypt in 1979 and Jordan in 1994 had made similar trade investments in Israel.
But other than this strategic investment, it is claimed that UAE and Israel have also developed defence cooperation. Israeli aeroplane manufacturers IAI and UAE company Edge have joined hands for anti-drone technologies. The Iranian news agency reported that the Israeli company announced on Thursday.
After UAE established diplomatic relations with Israel, the impetus given to the economic cooperation strengthens the ties between the two countries further. Analysts claim that, more importantly, citizens of both countries have started to welcome this cooperation. Some of the Israeli entrepreneurs have taken the initiative to start businesses in UAE. These analysts claimed that the Israeli tourists coming to UAE are being welcomed with open arms.
Major effects of this cooperation will be evident in the Gulf sector in the coming times. Senior US Statesman Henry Kissinger had said that the Abraham agreement between Israel and the Arab countries is significant, and it opens up the doors for cooperation between the Gulf countries, held at ransom till now, due to the Palestinian issue. The effects are already visible, and the investment announced by UAE endorses the view.
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