DUBAI: The UAE and Israel will look to expand mutual investment and manufacturing under a deal signed on Wednesday between the Ras Al Khaimah Economic Zone (RAKEZ) and the Israeli Manufacturers Association (IMA), the WAM state news agency reported.

The Memorandum of Understanding (MoU) calls for the two sides to collaborate to create investment opportunities and expand the operations of industrial companies, the UAE’s WAM reported.

The United Arab Emirates and Israel agreed to normalise relations in August 2020 with each ratifying the plan in October of that year.

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“It is imperative that we move forward towards enhancing the level of cooperation between the UAE and Israel,” said RAKEZ CEO Rami Jallad.

The IMA includes firms in sectors such as advanced technology, textiles, fashion, chemicals, pharmaceuticals, environment, food, metals, electricity, infrastructure and consumer products.