UAE wealth fund eyes $1BN gas deal as ties with Israel deepen

If completed, deal between Mubadala and Israel’s Delek Drilling would be the biggest since Abraham Accords were signed.

A United Arab Emirates sovereign wealth fund plans to buy a stake in an Israeli natural-gas field for as much as $1.1 billion, in what would be the biggest business deal since the nations normalized ties last year. Abu Dhabi’s Mubadala Investment Co., a fund with $232 billion of assets, signed a memorandum of understanding to buy Delek Drilling LP’s 22% stake in the Tamar offshore field. Mubadala is carrying out due diligence, according to a person familiar with the matter. “If finalized, the transaction will be the largest commercial agreement” since the signing of the Abraham Accords, Delek said in a statement.