UAE-Israel Ties Deepen as Mubadala Buys Gas Stake for $1 Billion - BLOOMBERG

September 2, 2021, 1:51 PM GMT+3
Alisa Odenheimer

• Delek Drilling will sell 22% stake in Tamar field off Israel
• Deal is biggest since UAE and Israel normalized ties last year

Delek Drilling LP agreed to sell a stake in a natural-gas field to Mubadala Investment Co. for $1 billion, marking the biggest deal between Israel and the United Arab Emirates since they normalized ties last year.

Tel Aviv-based Delek’s shares jumped after it said it would sell its 22% stake in the Tamar offshore field to Mubadala, an Abu Dhabi wealth fund with $243 billion of assets. The stock rose 4.8% to 5.02 shekels by 1.48 p.m. in Tel Aviv.