The ‘Abraham Accords’, which came into force around 2 years ago on the initiative of then US President Donald Trump, who also had the US Embassy relocated to Jerusalem, are once again showing the fruits of their success.
Abu Dhabi Global Market is an award-winning international financial centre strategically located in the capital of the United Arab Emirates. Established by UAE Federal Decree, ADGM’s jurisdiction extends across the entire 114 hectares of Al Maryah Island.
ADGM’s four independent authorities – the Registration Authority (RA), the Financial Services Regulatory Authority (FSRA), ADGM Courts and ADGM Authority – together ensure that its business-friendly environment operates in line with international best practices, recognised by major financial centres worldwide.
The key points for the further development of economic cooperation within the framework of the ‘Abraham Accords’ are explained in the press release:
“The official delegation from Abu Dhabi arrived in Tel Aviv on Monday, 5th September 2022as part of the initiatives that continue to be developed following the historic Abraham Agreements sealed between the two nations.
The delegation to Tel Aviv included Abu Dhabi Global Market (ADGM), Abu Dhabi Fund of Development, Mubadala, Mubadala Petroleum, ADNOC, Abu Dhabi Securities Exchange, The Health Authority – Abu Dhabi, Abu Dhabi Investment Office, AIQ – an Abu Dhabi-based AI and cloud computing company, Department of Culture and Tourism, Abu Dhabi Chamber, Hub71 and First Abu Dhabi Bank who represented a reinforced platform for leading Abu Dhabi entities and top Israeli companies to explore business opportunities and drive strategic bilateral relations between the two capitals.
Over two days of their visit to Israel, the delegation participated in a joint business forum co-organised by the Tel Aviv Stock Exchange (TASE) and ADGM, the leading international financial centre (IFC) in Abu Dhabi in collaboration with The Embassy of UAE at Israel and witnessed many high-profile business leaders from Israel along with thought leaders and top executives from publicly traded companies, top institutional investors and other capital market participants enriching the networking events and sessions. Conducted with an aim to build on the UAE-Israel economic corridor, the business forum turned out to be a huge success with notable outcomes.
After the successful visit of the TASE delegation to the UAE and ADGM in March 2022, both countries recognised the main pillars for prolific business relations and an official invitation was extended for a joint business forum in Tel Aviv to enable a platform for the continuous establishment of business and strategic connections. These pillars were further strengthened with Memorandums of Understanding (MoUs) signed across mutually beneficial sectors between the two nations this year that concrete the foundations of the economic tie-up. The recent delegation saw the signing of three milestone MoUs on 6th September 2022 to explore and enable various business opportunities in the financial spectrum that promote close and wide partnerships between both jurisdictions. The MoUs were witnessed by H.E Mohamed Al Khaja (UAE Ambassador to Israel) and His Excellency Ahmed Jasim Al Zaabi, Chairman of ADGM.
ADGM and Start-up Nation Central Ltd. (SNC), an Israeli-based organization dedicated to strengthening and connecting the Israeli innovation ecosystem to global opportunities signed an MoU during the business delegation. With both parties working toward reinforcing an innovative ecosystem in their respective nations, the MoU intends to bring them together to strive toward valuable contributions to further developing these ecosystems through diverse initiatives. Business partnerships and collaborations will also be explored to promote opportunities for companies in their respective ecosystems and the opening of their commercial presence in Abu Dhabi and Israel. Inputs on policy and funding may also be exchanged with the same aim along with jointly supporting activities such as events and workshops.”
The Abraham Accord was one of the first steps to showcase and facilitate access to commercial opportunities in the UAE. Along with the partnership between ADGM and the Israeli Corporation Authority on business registrations and hosting a delegation of VIPs and business leaders from Israel, it also saw the milestone licensing of the first Israeli venture capital firm, OurCrowd Arabia becoming a part of the ADGM ecosystem with one of its main focus being fintech.
The UAE and Israeli governments have followed up with another landmark agreement through the signing of the Comprehensive Economic Partnership Agreement (CEPA) in May 2022, which focusses on advancing bilateral trade beyond USD 10 billion in 5 years and adding 1.9 billion to the UAE’s GDP by 2030.