US, UAE, Israel to Form Joint $3 Billion Fund in Jerusalem

This picture taken on July 28, 2019 shows two giant Israeli Likud Party election banners hanging from a building showing Israeli Prime Minister Benjamin Netanyahu shaking hands with US President Donald Trump, with a caption above reading in Hebrew "Netanyahu, in another league", in the coastal Mediterranean city of Tel Aviv. (Photo by JACK GUEZ / AFP) (Photo by JACK GUEZ/AFP via Getty Images)

Israel, the United Arab Emirates and the U.S. will set up a joint $3 billion investment fund headquartered in Jerusalem as part of efforts to normalize relations and promote regional economic development.

The fund was announced on Tuesday during a first official visit to Israel by a UAE delegation, following a formal agreement on normalizing ties last month, to which Bahrain was also a party. It will invest in projects in the Middle East and North Africa.

Via Newsmax