The UAE will set up a $ 10 billion fund for projects in Israel

The United Arab Emirates (UAE) will set up a $ 10 billion (€ 8.3 billion) investment fund to finance projects in Israel. The state news agency WAM informed about it on Thursday and was also confirmed by the Israeli Prime Minister Benjamin Netanyahu, who is quoted by the AFP agency. The decision is the result of a "constructive" phone call between Netanyahu and UAE Crown Prince Muhammad bin Zayid, the WAM said. Through the UAE Investment Fund, "investing in Israel, as well as with Israel, in a variety of sectors, including energy, water, space, health and the agricultural technology sector," the rich Arab country said. "The fund, which builds on the historic Abrahamic Agreements, aims to strengthen economic ties between the region's two prosperous economies and bring new investment and partnership opportunities to support socio-economic progress," WAM said, adding that the fund would " drawn from governmental and private institutions ". The news came just hours after Netanyahu was forced to cancel his visit to the UAE. The Israeli Prime Minister's Office said in a statement that Jordan had not allowed the delegation to fly through their airspace. Netanyahu later described the incident as a "misunderstanding". However, according to his own words, Netanyahu has agreed with Muhammad bin Zayid, the de facto ruler of the UAE, that they will meet "soon". The UAE is the first country to agree last September to establish full diplomatic relations with Israel under the so-called Abrahamic Agreements. These were mediated between the two countries last year by former US President Donald Trump. Later, Bahrain, Morocco and Sudan gradually joined.