A senior delegation of United Arab Emirate officials visited Israel on Tuesday and signed various agreements that included the establishment of the Abraham Fund, which seeks to raise $3 billion in private investments for regional development.

The Abraham Fund establishment—announced by the United States, Israel and the UAE at the ceremony—would fund “development initiatives to promote regional economic cooperation and prosperity in the Middle East and beyond,” reported the AP.

U.S. Treasury Secretary Steven Mnuchin, who was on the flight with Emirati Finance Minister Obaid Humaid al-Tayer, said: “The Abraham Accords establish direct economic ties between two of the Middle East’s most thriving and advanced economies.”

“These ties create a tremendous foundation for economic growth, opportunity, innovation and prosperity. With greater economic prosperity comes stronger security,” he added.

According to the report, Al-Tayer said the UAE sought to establish legal frameworks with Israel “to achieve prosperity for both our economies and our people.”

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