'Welcome to the UAE, Shalom'

UAE-Israel Business Council (UIBC) has played a promising role in cementing a strong relationship between the both nations.

Our hearts nearly skipped a beat as the customs officer, beaming with a welcoming smile, stamped our passports two weeks ago at Dubai International Airport and welcomed us to a new Middle East. This was the first time we entered the Emirates following the historic announcement on August 13 that it would be normalising relations with Israel.   

The feeling was one of history being made - the two founders of the UAE-Israel Business Council, one of whom is the Deputy Mayor of Jerusalem, arriving in Dubai (bags checked from Tel Aviv, for good measure), openly, proudly, at the vanguard of a new relationship with endless potential.

What was unthinkable only two months ago has become a reality - Israelis, Emiratis, and a widening circle of nations long separated by a conflict that kept us from connecting as people - are finally able to embrace one another in a regional kinship that promises to transform the lives of millions of Muslims, Jews and Christians, and the excitement is palpable.

The courageous vision of His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, supported by an American administration with a new and out-of-the-box blueprint for the region, and an Israeli leadership that has always sought peace and acceptance from its Arab neighbors, had triumphed over cynicism and old paradigms that have characterised the Middle East for decades.  

Fortunately, the road to peace had been paved by a quiet normalisation that has unfolded in recent years, spearheaded by businesswomen and men who have been meeting and pursuing business opportunities together without much notice. For a number of years until now, there were already around 250 businesses in the UAE operating quietly and we expect that in three months from now, it will be double that number.  

Early this summer, even before the announcement of the Abraham Accords that unleashed so much optimism and excitement among Emiratis and Israelis, we launched the UAE-Israel Business Council (UIBC) - quietly at first, without any fanfare - to bridge two vibrant business communities that sought to benefit from trade between the Mideast's most dynamic economies. Four months later, with thousands of members and numerous delegations, webinars, Zoom meetings, and in-person roundtables in Dubai and Abu Dhabi, the new Middle East we longed for is becoming a reality.

Normalisation offers enormous business potential for the people of the UAE and Israel. The UAE serves as one of the world's great trade hubs - a commercial centre unparalleled in the region encompassing the Middle East, South Asia and East Africa. Israelis will for the first time be able to access the country's unique human capital, logistics infrastructure, financial services, and transportation links. And, based on the hundreds of inquiries we have received at the UIBC, they'll be delighted by what they find.

Many Israeli companies will establish regional headquarters and operational centers, taking advantage of the UAE's attractive tax policies, investment promotion incentives, and the availability of skilled local talent. The UAE's real estate sector in particular will attract Israeli property investors, who have been very active in recent years across Western Europe and North America.  

The hospitality and warmth of UAE culture will, without doubt, be one of the greatest draws for Israelis, who have long sought acceptance and engagement with their Arab neighbors.

Israel, in contrast, offers very different, yet complementary, attractions for Emirati businesspeople. Israel is one of the world's most innovative countries, a country with more per capita start-ups, patents, technology companies, and scientific advancements than any other - and by quite a margin. This has made us an R&D center to the world, with nearly all of the world's great technology companies represented in the small 150km corridor connecting Jerusalem, our capital, and Haifa, our main port city.  Just recently, a Dubai cargo ship arrived in Haifa containing electronics, cleaning supply and firefighting equipment. This will open a profitable trade route.

Over 6,000 technology companies thrive in this unique ecosystem, which is particularly strong in areas of strategic and investment interest to the UAE - medical, agriculture, renewables, biotech, smart city, and artificial intelligence. We are also planning a hi-tech park in East Jerusalem with hotels and commercial centres and we were in Dubai to find partners in this endeavour. We want to provide quality employment to the young residents of East Jerusalem. There are are many opportunities to come from this UAE-Israel deal.

With much support from the business community, we have already begun to see the beginning of this trade, with leading Emirati enterprises such as the Al Naboodah Group and the Al Habtoor Group establishing links and joint ventures with Israeli counterparts. Government agencies such as the Abu Dhabi Investment Office have been quick to engage with Israeli companies seeking to tap into the local economy and engage with UAE's growing technology ecosystem. Over 1,000 Emirati residents have registered with the UIBC in the last month alone. And hundreds of Zoom calls, web-conferences and virtual meetings are taking place daily between businesspeople in Israel and the UAE.

But this is only the beginning. With so much to offer each other, the possibilities are endless. Trade between our countries will soar. As the barriers separating the regions two most dynamic economies disappear, we expect up to $4 billion in annual trade, making the UAE one of Israel's largest trading partners.

Tourism, in particular, holds special promise for both of our peoples. Israel's rich and diverse religious sites - Jewish, Islamic, and Christian - are unique in the world. They are, and will always be, open to all who visit regardless of religion, race or belief. Special preparations are being made to welcome what we hope will be a wave of Muslim tourists eager to visit and pray in the holy city of Jerusalem.

Israelis too have long dreamed of sunning themselves on Dubai's beaches, visiting the Sheikh Zayed Grand Mosque, standing atop the Burj Khalifa, and experiencing legendary Emirati hospitality. Israeli tour operators expect Dubai and Abu Dhabi to be Israel's leading tourist destination for years to come. And Jewish holiday travellers will soon be praying and celebrating in one of the world's most tolerant, open, and welcoming countries.

We have seen a lot of curiosity with regards to culture and religion between the both nations and it's an honour to be here at the forefront of making history.

As the founders of the UAE-Israel Business Council, we are proud to play a part in building ties that will promote trade, innovation and cooperation between the region's most promising economies - countries bound by a commitment to pluralism, mutual understanding, and respect for the individual. With such an outpouring of curiosity and goodwill on each side, there is little question that this new reality will be transformative for our peoples.

And in January 2021, when direct flights begin, we look forward to greeting you in Tel Aviv, as we were warmly welcomed in Dubai, with "Salaam Alaikum. Welcome to Israel."

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Fleur Hassan-Nahoum is Jerusalem's Deputy Mayor for Foreign Relations, Economic Development and Tourism. Dorian Barak is an Israeli-American investor and entrepreneur. Both are the founders of the UAE-Israel Business Council.

• Business and Technology Review