Major United Arab Emirates wealth funds have discussed expanding into Israel to advance up to $10 billion in investments over the next decade, according to three people familiar with the talks, in what would be the biggest cash commitment since the nations normalized ties.
The sovereign investors include the $243 billion Mubadala Investment Co. and ADQ, said two of the people, who asked not to be identified discussing confidential discussions between Israeli and UAE officials. The talks are in early stages, they said.
Also on the agenda is the possibility that the funds could open offices in Israel to invest in local venture capital firms, businesses and public projects, according to one of the people. ADQ is looking at investing around $2 billion in total through Abu Dhabi Growth Fund, which sits in its Abu Dhabi headquarters, according to two of the people.
It was not immediately clear which funds would make up the rest of the $10 billion total. Abu Dhabi Investment Authority, the UAE’s largest wealth fund with close to $700 billion in assets under management, is also looking to invest in Israel, two of the people said.
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