Importance of UAE-Israel Trade Synergy Highlighted At Virtual Event Held By Dubai Chamber
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A recently held virtual panel discussion, hosted by the Dubai Chamber of Commerce and Industry, signified the need for the UAE and Israel to build key trade and investment partnerships in sectors of mutual interest.
Held as part of Dubai Chamber’s Global Partnership Series with the Federation of Israeli Chambers of Commerce, and titled “Building the Bridge to New Opportunities”, the event highlighted tourism, healthcare, technology, agriculture, water technology, and clean and solar energy as key sectors where business synergy could be attained by both governments. The panel was witnessed by 182 attendees from 13 countries, including the UAE, Israel, Saudi Arabia, Egypt and India. An important topic of discussion at the event was the strategic geographical locations of both UAE and Israel that allow for them to be avenues to other business markets in addition to being attractive trade locations themselves.
The “Building the Bridge to New Opportunities” panel discussion. Source: Dubai Chamber
In the wake of more normalized relations between the UAE and Israel, following the signing of the Abraham Records last year, there has been a healthy progress in trade between the countries with Dubai’s exports to Israel projected to reach $4 billion annually, noted H.E. Hamad Buamim, President and CEO of Dubai Chamber of Commerce and Industry- one of the many speakers at the event. “Going forward, trade is expected to play a fundamental role in strengthening and expanding UAE-Israel economic relations. According to the joint economic study conducted recently, Israel could become one of Dubai’s top 10 trading partners in the near future,” he added.
The other speakers at the event were Mohammed Al Muallem, CEO and Managing Director of DP World, UAE Region and CEO of Jafza; Uriel Lynn, President of the Federation of Israeli Chambers of Commerce; Omar Khan, Director – International Offices, Dubai Chamber of Commerce and Industry; and Shlomi Fogel, Owner, Chairman and CEO Ampa Group.
Al Muallem pointed out that with initial bilateral trade estimated to reach $5 billion, the aim was to provide Israeli firms ease of carrying out business through greater reach via Dubai’s trade hubs. “We look forward to the Israeli businesses utilizing the core competencies of DP World’s Jebel Ali Port, that offers connectivity to over 150 ports globally, connecting customers to over 3.5 billion consumers, and Jebel Ali Free Zone (Jafza), a multimodal trade and logistics hub that is home to over 8,000 companies from across the globe,” Al Muallem explained. “As a leading enabler of smart trade, we employ our cutting-edge digital infrastructure and trading technologies to promote growth in the logistics sector locally, regionally and globally,” he added.
Israeli Chambers of Commerce’s President Lynn added to the conversation by noting that virtually held business events will further strengthen relations and bring forward new opportunities. “At Israel, we aim to bring the most value to Dubai and UAE community, and facilitating cross-border cooperation across several economic sectors of mutual interest,” he added.
An overall summative discussion of Dubai’s economy and business environment, and new incentives that Israeli businesses can potentially take advantage of was also a part of the event.