UAE firm’s bid to buy Israeli insurance giant poses dilemmas - analysis

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UAE firm’s bid to buy Israeli insurance giant poses dilemmas - analysis
Is it wise for Israel to have a UAE state-owned company holding a controlling stake in a financial firm that manages more than NIS 350 billion in assets, including pensions and provident funds?
By HERB KEINON
Published: DECEMBER 19, 2022

Reports last week that an Abu Dhabi holding company wants to buy a controlling stake in the Phoenix Group, Israel’s insurance giant that controls the country’s most significant pension funds, left some mumbling, “be careful what you wish for.”

When Israel and the UAE, Bahrain and Morocco signed the Abraham Accords in 2020, much was made of the potential economic benefits of the accords, and how they would lead to greater trade between Israel and the Arab world, as well as massive Gulf investment into Israel. And it has.

The UAE and Israel signed a free trade deal in May and the current annual volume of trade is $2.5 billion and growing, making the UAE a significant trading partner for Israel. Likewise, last year the UAE announced the establishment of a $10b. fund to invest in strategic sectors of Israel.

more................. https://www.jpost.com/business-and-innovation/banking-and-finance/article-725303
 
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