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Abu Dhabi City
The move is a major step forward in the already growing Israeli-Emirati cooperation after that leading GCC countries and Israel signed the Abraham’s Agreement. The deal is still a major surprise, as if agreed and put into action will deliver a major stake in Israel’s energy resources to the Emiratis, a move not imaginable a year ago. Since last year, a wide-range of military-security and energy related contracts and agreements have been signed between Abu Dhabi parties and Israeli companies.
As stated in an official press release, Delek and Mubadala have agreed to an US$1 billion deal, that will bring the 22% stake of Delek into the hands of the SWF. Delek Drilling, in a notification to the Tel Aviv Stock Exchange and the Israel Securities Authority, indicated that the deal also entails an additional $100 million conditioned on certain terms and goals being met. The expected deal should be finalized by May 31.