November Special Edition 2021

11 Bahrain Boost hundreds of cutting-edge cleantech start-ups. According to the latest Global Cleantech Innovation Index, Israel ranked second in the world in emerging cleantech innovation. This past year saw Aquarius Engines, an Israeli cleantech engine startup announce it is setting up in the UAE. It signed anMoUwith Britishmultinational Kampac International (KIP) to form a joint company that will produce automotive products based on Aquarius technology in the UAE. KIP will invest up to UDS 1.2 billion in establishing the manufacturing facility in the UAE. We have also seen a deal between Gulf-Israel Green Ventures (GIGV) and the UAE's United Stars Group, which aims to expand people-to-people, business and economic cooperation through the exchange of green technologies. “In Bahrain and Morocco, we’ve seen increased signs of activities there. There is hope the peace spreads to other countries in the region. The UAE also serves as a great hub for markets in the East…some of which Israel has a direct connection to (like India), and others that are less connected,” said DLA’s Lustman. In recent months, political leaders have continued to build upon the progress of the accords. Steps such as inaugurating direct flights, opening embassies, and exchanging high-level delegations are laying the infrastructure. In September, Israel’s foreign minister, Yair Lapid had a historic meeting with Bahrain’s King Hamad Al Khalifa in Manama, opened Israel's embassy and signed several MOUs, including co-operation agreements between hospitals and water and power companies. Over thepastyear,manycollaborationsbetweenBahrainandIsrael havealready been announced, with many more in the works in relation to opportunities in the oil & gas, logistics, information, cybersecurity, technology, manufacturing, financial services, healthcare, education, and travel and tourism sectors. In January, the National Bank of Bahrain signed MOUs with Israel’s two largest banks – Bank Hapoalim and Bank Leumi. These MOUs were an important first step as both governments created plans to help their business communities participate in opportunities in both markets, looking to enable investments,