The President of the American International Development Finance Corporation, Adam Buehler, announced, Tuesday, that the United States, the United Arab Emirates and Israel will establish a fund "to encourage private sector investment and regional cooperation.

The value of the new development fund is $ 3 billion, and it was revealed with the arrival of the first official Emirati delegation to Israel.

During the same visit, it was also announced that 4 agreements had been signed between the UAE and Israel.

The UAE Minister of State for Financial Affairs, Humaid Al-Tayer, stated that this visit "will deepen opportunities and exchange experiences between the two countries," noting that the agreements with Israel carry many benefits for both sides.

He added that "economic cooperation with Israel will be achieved in a tangible way," saying, "We will sign an agreement on double taxation with Israel."

He also noted that the UAE will cooperate with Israel in "developing innovative strategies."

For his part, Israeli Prime Minister Benjamin Netanyahu said that the skies between the UAE and Israel would be opened and visas between the two countries would be canceled.

He also stressed that the agreements signed between the two countries during the visit "will make the best for the peoples."

The Israeli Prime Minister affirmed that there would be cooperation with the UAE in a number of fields: “We will cooperate in investment in order to create an economic environment that benefits all citizens and business leaders, who are many in the UAE and Israel.

He added that the UAE and Israel would cooperate in technology and industry in order to serve health and the environment: "All these things are wanted and deserved by the people of our two countries."

This is the first visit of an Emirati government delegation to Israel, after the peace treaty concluded between the two countries last September.

The Emirati delegation includes Minister of State for Financial Affairs Obaid Humaid Al Tayer, Minister of Economy Obaid bin Touq, and Assistant Minister of Foreign Affairs and International Cooperation for Cultural Affairs Omar Ghobash.

By:Nadeemy Haded