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The Dubai Investment Development Agency (Dubai FDI), an agency of Dubai Economy, has signed an agreement with the Manufacturers’ Association of Israel (MAI) to explore collaboration in promoting cross-border business and investment opportunities.
The agreement comes on the heels of the historic Abraham Accords signed between the United Arab Emirates and Israel, and which are poised to build a long, steady partnership across sectors. Facilitated by the accords, annual trade between Israel and the UAE is expected to reach more than AED 14 billion within three to five years. The Emirate of Dubaihas already concluded trade deals valued at more than AED 1 billion with Israel in the five months following the accords, between September 2020 and January 2021.
The MoU between Dubai FDI and MAI will help bolster business and investment ties between Dubai and Israel while also establishing a mutually beneficial and collaborative relationship to support potential business links as well as investment and promotional activities.
Fahad Al Gergawi, CEO of Dubai FDI, said while signing the MOU: “Today we are writing a success story of business and investment partnerships between Israel and Dubai, based on the determination and sincere desire of both sides to strengthen bilateral relations. We will help each other identify various sectors and opportunities from which the business communities in both economies can benefit.”
The MOU lays down the groundwork for mutual collaboration on generating investment and trade opportunities through information exchange and joint promotional activities. This includes approaching and attracting companies to Dubai and Israel, hosting joint events, and supportingreciprocalvisits of government and industry representatives.
Dr. Ron Tomar, President of the Manufacturers' Association of Israel, said:“The peace agreement between the two countries has created an extraordinary opportunity to develop Israel's ties with the countries of the region. Our leaders paved the way, and now it is for us - the business leaders - to step in and ensure that both communities shall walk that way and reach fruitful and beneficial mutual results. I recently visited UAE and met wonderful people, who are interested and strongly believe in a real partnership. This is also my personal goal, and the goal of the agreement, which I am excited to sign - to create a long-term partnership between the two countries, which will help to develop the trade and the economy in the region. Israel can serve as the new gate of the Gulf states to the West, and the United Arab Emirates can serve as the new gate of Israel to the Gulf states and Asia, and together we will promote the vision of peace, brotherhood and cooperation.”
Both signatories to the agreement will encourage their networks to develop and promote trade and investment linkages, facilitate cross-border meetings and business trips, and share relevant information with their networks about trade, investment, and best practices.
Tally Zingher, Managing Director of Blue Laurel, a strategic partner of Dubai FDI that helped arrange the initial meetings between the two parties, said:“This MOU is an important milestone in deepening relationships and building bridges between Israel and Dubai; both as a platform for local shared industrial activities and for reaching, together, into emerging markets. It is a framework for initiating and scaling cooperation that will help harness the complementary business and industrial energies and activities in Israel and the UAE.”
Dubai FDI has already organised and conducted a series of industry-specific investment webinars with potential Israeli investors in the sectors of healthcare, technology, and food and agribusiness to explore the vast opportunities and partnerships that Dubai offers in these sectors. More such missions are on the cards for 2021.
Dubai has positioned itself as the City of the Future, an effective gateway to the region’s emerging markets, and a global hub for trade and investment.
Al Gergawi said: “As a connected smart city, Dubai has been at the forefront of rolling out strategic initiatives and innovation across sectors. This enhances the emirate’s preparedness to respond to investor needs and ensure investment flows.Dubai continues to enjoy a global reputation for being a diverse, stable, and secure economy that nurtures innovation and remains future-ready as a matter of policy.”
Dubai’s future-ready infrastructure connects businesses to a vast market of 2.4 billion consumers in the Middle East, Africa, Indian Subcontinent, and CIS. Dubai taps into several strategic advantages to deliver excellence, such as the world’s ninth-largest container port, one of the world’s largest airlines connecting over 150 destinations, and an ultra-modern transportation and distribution network.Dubai’s futuristic vision and preparedness has also positioned it as one of the world’s most important economic nodes, where wealth and talent are nurtured.
As one of the most business-friendlyeconomies in the world and a preferred investment destination for foreign capital, Dubai and the UAE lead the MENA region on the World Bank’s Ease of Doing Business rankings. The country ranks 16th globally among 190 countries.
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