The Israel government has approved the plan for a joint fund with the UAE for investment in high-tech firms and ideas, its Minister of Foreign Affairs of the State Yair Lapid said on Twitter on Sunday, January 23.
The proposal was co-sponsored by Minister of Foreign Affairs of the State Orit Farkash Hacohen, he said.
Their proposal had called for the establishment of a joint fund for Israel and the United Arab Emirates for mutual investments in high-tech, Lapid said on Twitter.
“Israel and the United Arab Emirates share a passion for developing advanced technologies, ones that will improve our quality of life,” he added.
See his tweet here:
Today, the government approved my and Science Minister @FarkashOrit‘s proposal to establish a joint Israeli-Emirati fund for mutual investments in hi-tech. Israel and the UAE share a passion for the development of advanced technologies that will improve quality of life. 🇮🇱 🇦🇪
— יאיר לפיד – Yair Lapid🟠 (@yairlapid) January 23, 2022
The “bilateral R&D fund” would get the ball rolling in the right direction, he said in a different tweet.
The aim was for the two countries to “come together, develop, produce, and market technological and innovative products at a regional and global level,” he added.
He also thanked Sheikh Abdullah bin Zayed bin Sultan Al Nahyan, Minister of Foreign Affairs and International Cooperation of the United Arab Emirates, for his support to help set up the fund.
Technology firms are already setting up office in the UAE by the droves to gain from the available manpower there.
Meanwhile, the UAE and Israel are apparently gearing up to sign a free trade deal in as early as March this year.