Abu Dhabi Developmental Holding Company (ADQ) is in talks to buy a stake worth about $855 million in Phoenix Group, an Israeli financial services firm.
The two are in advanced talks with the Emirate funds on the proposed deal but did not provide any terms. Phoenix is listed on the Tel Aviv stock exchange, with a market value of US$2.85 billion.
In March 2021, the United Arab Emirates (UAE) announced that it was setting up a $10 billion investment fund aimed at strategic sectors in Israel.
The Gulf kingdom will use the $10 billion fund to invest in and alongside Israel, across sectors including energy manufacturing, water, space, healthcare, and agri-tech.