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

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.