UAE-based international financial center and free zone, Abu Dhabi Global Market (ADGM) Registration Authority (RA) has entered into an agreement with the Israeli Corporations Authority’s Registrar of Companies to enhance business opportunities between both jurisdictions.
The deal is expected to promote a “closer and wider partnership” between Israeli and UAE businesses and further it will allow sharing of professional knowledge and the provision of mutual assistance between the authorities, the regulators said in a statement.
According to a statement from the ADGM RA, an agreement of cooperation has been made to enhance collaboration considering the large volume of business opportunities expected to emerge between the countries.
“We are confident that this agreement will result in fruitful outcomes for entities residing in both the UAE and Israel, serving as a gateway to valuable expansion and investment opportunities across both thriving business hubs and the wider region. The agreement will look to leverage the synergies between our respective jurisdictions across the high potential areas as well as each jurisdiction’s progressive regulatory frameworks, to facilitate mutual growth.”
The UAE and Israel have been strengthening their trade links after relations were normalized last September. The export credit agency Etihad Credit Insurance had earlier stated that it expects trade between the two countries to reach $4 billion a year.
Last week, a $10 billion investment fund was announced through which both the countries will invest in sectors including energy, manufacturing, water, space, healthcare and agri-tech.
Abu Dhabi Investment Office (ADIO) set up its first international office in Tel Aviv earlier this year and recently established formal ties with its counterpart Invest In Israel and the Israel Innovation Authority.
Several other formal agreements have also been signed by ADGM, Abu Dhabi’s Securities Exchange and some of the emirate’s largest banks to form closer ties with Israeli partners.