What Role Does the UAE-Israel Peace Agreement Play in The 'Abu Dhabi Economic Vision 2030'?

In my opinion, the normalization of relations between the UAE and Israel plays a key role in the successful implementation of the Abu Dhabi Economic Vision 2030 ("ADEV 2030"). The ADEV 2030 outlines the economic diversification plans of Abu Dhabi Government. This plan for the transformation of the emirate's economy, includes a reduced reliance on the oil sector as a source of economic activity over time and a greater focus on knowledge-based industries in the future. According to TAMM, "[i]t reflects the desire of the Government to envisage the development process of the emirate over the next two decades with a clear and long-term road map and general policy framework for economic development." TAMM indicates ADEV 2030 identifies the following priorities of the Government to achieve an ambitious economic transformation by 2030:

• Creating an open, efficient and globally integrated business environment.

• Adopting a well disciplined fiscal policy that is responsive to various economic cycles.

• Establishing a resilient monetary and financial market environment with manageable levels of inflation.

• Improving the efficiency of the labor market.

• Developing a powerful and efficient infrastructure able to support the anticipated economic growth.

• Developing highly skilled and productive human capital.

• Enabling financial markets to become the key financier of projects and economic sectors.

According to the Times of Israel, Bank Leumi has signed banking accords with First Abu Dhabi Bank (FAB) and the Emirates NBD of Dubai. This will allow Israel and the Emirates to work together to promote relationships with corporations and financial institutions in both regions and jointly provide the banking platforms required for such relationships. For example, interbank clearing services, interbank credit lines, trade and investment promotion, foreign exchange trading, and operations.

According to Bank Leumi, as reported by the Times of Israel, the investment and tech arms of Bank Leumi will also help create connections between Israeli companies and wealth funds and investors from the UAE. It is anticipated that this new relationship between the UAE and Israel will lead to cooperation in the financial, technology, energy, water, and health sectors. Bank Leumi's CEO Hanan Friedman issued the following statement: “We estimate that the investment of Emirati entities is likely to reach to some 10% of total investment in Israeli tech in the next few years, directly or via funds.”

Based on this recent news, I would expect a rapid influx of tech transaction deals between Israel and the UAE. Knowing the Israeli tech market and its sophisticated approach toward patent filings, licensing, & monetization, coupled with its predominant focus on the US markets, tech deals will likely encompass the intricate transfer of US patent rights. It will be crucial for UAE tech investment entities to structure these deals in a way that will allow for monetization in key markets, which likely includes the United States.