First AD investment office in Israel; DP World MoU

DG Staff

Abu Dhabi 17 September 2020: The Abu Dhabi Investment Office (ADIO), plans to open a network of international offices to support global companies looking to establish and expand their operations in the UAE capital.

Its first international office will be located in Tel Aviv and will focus on facilitating connections between innovation-focused companies and organisations in Abu Dhabi and Israel, said official news agency Wam.

Areas identified for possible close collaboration between Abu Dhabi and Israel include advanced technology and R&D, across sectors such as AgTech, biomedicine and advanced manufacturing. Cooperation in these areas has the potential to create innovative solutions that will benefit the region.

ADIO’s Tel Aviv office is anticipated to be operational in the coming months.

The opening of a representative office in Tel Aviv follows the UAE’s expansion of diplomatic and commercial cooperation with Israel. As a leading regional R&D hub and home to a thriving tech industry, Abu Dhabi is well placed to partner with Israeli organisations at the forefront of innovation. ADIO is currently in discussions with Invest in Israel at the Ministry of Economy and Industry, and a number of other Israeli entities to unlock investment and partnership opportunities for companies in Israel and Abu Dhabi with a strong focus on innovation and technology.

Abu Dhabi is firmly established as a highly attractive market for international investors, with diverse opportunities for individual and institutional investors across numerous high-growth industries and well-established financial markets. An international network of representative offices will enable ADIO to seamlessly support innovative international companies and individuals to grow and expand in the emirate. ADIO plans to open additional offices in Europe, North America and Asia.

Mohammed Ali Al Shorafa, Chairman of the Abu Dhabi Department of Economic Development, said: “Abu Dhabi is outward-looking, forward-thinking and committed to global cooperation and mutually beneficial trade. The opening of an international network of investment offices will create new opportunities to connect with innovators from around the world and work together to solve challenges of global importance.”

Amir Peretz, the Minister of Economy and Industry in Israel, commented: “The Ministry of Economy and Industry is delighted to support the opening of ADIO’s office in Israel, and is sure that this move will contribute to the strengthening of the economic dialogue between Israel and Abu Dhabi to promote collaboration between the nations.”

DP World, Dubai Customs and Israel’s DoverTower assess trade links

DP World, the leading global provider of smart end-to-end logistics solutions, and Dubai Customs will be exploring opportunities to develop trade links between Israel and the UAE, following the signing of a series of memorandums of understanding.

Group Chairman and CEO of DP World Sultan Ahmed bin Sulayem signed MoUs with DoverTower, a company owned by Shlomi Fogel, the co-owner of Israel Shipyards and Port of Eilat.

Part of the engagement between the two countries to strengthen peace, dialogue and stability and promote sustainable development, the MoUs create a framework for the companies to work together in assessing opportunities to develop infrastructure for trade between Israel and the UAE, as well as within Israel and the region.

The MoUs cover three broad areas of cooperation: DP World will assess the development of Israeli ports and free zones and the potential establishment of a direct shipping route between Eilat and Jebel Ali; Dubai Customs will promote and facilitate trade between private entities in the two countries through customs best practice and seamless, innovative processes; and Drydocks World will explore business opportunities with Israel Shipyards on a joint venture for developing, manufacturing and marketing ISL products.

Sultan Ahmed bin Sulayem, Chairman and CEO of DP World, said, “The MoUs will contribute to the efforts to tap economic and trade cooperation opportunities, and facilitate development-oriented linkages between the two countries. DP World’s mission is to enable global trade – our work to build trade routes between the UAE, Israel and beyond will help our customers to do business in the region more easily and efficiently.”

Shlomi Fogel, Chairman and owner of DoverTower Group, shareholder of Israel Shipyard port in Haifa and partner of Eilat Port said, “This is a great honour to work and collaborate with Sultan bin Sulayem. I’m proud of our mutual friendship and vision to create a strategic partnership that will positively impact the global trade and economy while strengthening the commercial relationship between the state of Israel and the United Arab Emirates.

“I believe that this agreement is just the beginning of mutual and long collaboration and more agreements will follow between DP World and DoverTower across different industries.

“I am also happy to announce that DP World and Israel Shipyards will collaborate to establish a joint venture that will participate in the tender for privatisation of the Port of Haifa.”

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