Dubai's ruler, Sheikh Mohammed bin Rashid Al-Maktoum, announced the establishment of a national investment fund with an initial capital of 36.7 billion UAE dirhams ($9.99 billion) to encourage foreign investment, in a post on X on Wednesday.
"The goal of the fund is to encourage direct foreign investments in the country through financial incentives," he said, and anticipated that the final goal was to achieve "2.2 trillion dirhams[approx. $600 billion] in foreign investments by 2031." "We want the world to know, the United Arab Emirates welcomes you, and it will provide the best environment for your investments," he added.
The comments were made during a meeting of the UAE's government cabinet at the Dubai Airshow. "The government's support of this exhibition, which hosted delegations from 115 different countries, reflects the UAE's commitment to consolidating the country's global position in shaping the future aviation sector," he declared.
Another announcement made by Rashid Al-Maktoum includes a new program to "entrench national identity in the new generations," and the results of both the UAE's industrial programs, which saw an increase of 244% over the last five years in the industrial sector, according to the Sheikh, and the latest developments in the joint Gulf economic work.
UAE investments in Israel
The latest investment by the UAE in Israel was made on November 10, when an Israeli startup developing lab-grown milk raised $20 million from an Emirati fund, according to a Bloomberg report.
Remilk Ltd. was funded last year by Tau Capitals, an investment firm backed by the UAE’s national security adviser, Sheikh Tahnoon bin Zayed Al Nahyan, CEO Aviv Wolff explained to the outlet.
Wolff also explained that his startup is in talks with partners in Saudi Arabia and Bahrain for further investment and potential manufacturing sites: “The name of the game here, at least for us, is scale. We can get significant scale over there. Utilities are cheaper. Raw materials are cheaper.”
The report also explained how Tau Capitals also invested in other Israeli startups, like the cybersecurity firm Dream Security.
Another development marking an improvement in relations between Israel and the UAE was the historic visit of top leaders from the Yesha Council to the Gulf state. The delegation, coordinated by Rabbi Matanya Yadid, Head of the Sifra Center, included Yesha Council Chairman Yisrael Ganz, Har Hevron Regional Council Head Eliram Azulay, and CEO Omer Rahamim, who attended an Iftar dinner at the residence of Humaid bin Rashid Al Nuaimi III, a senior member of the UAE’s Federal National Council.
“A new world order requires new alliances and out-of-the-box thinking,” said Ganz. “Our visit to the UAE is proof of the regional shift and the need for fresh thinking.”
Jerusalem Post Staff and Reuters contributed to this report.