DMCC gathers over 250 Israeli business leaders

DMCC – the world’s flagship free-zone and Government of Dubai Authority on commodities trade and enterprise – has hosted its first ever physical Made For Trade Live roadshow event in Tel Aviv, Israel, as it targets attracting more Israeli companies to Dubai following the UAE-Israel Comprehensive Economic Partnership Agreement signed earlier this year.

The UAE-Israel CEPA is expected to increase bilateral trade to over $10 billion and add $1.9 billion to the UAE’s GDP within five years. The agreement looks to lower or eliminate tariffs on more than 96 per cent of commodities that amount to 99 percent of the overall value of trade, enhancing market access for exporters, attracting new investment, and creating opportunities in key industries.

The event saw over 250 Israeli business leaders and entrepreneurs briefed on the ease of doing business in Dubai and how the emirate acts as a gateway to some of the world’s fastest growing markets.

Attending the event was Mohamed Al Khaja, Ambassador of the UAE to Israel, who said, the UAE and Israel are on a journey of growth together — from both a cultural and economic perspective.

"Events such as this are key to further deepening our relationship and unlocking the full potential of our partnership, enabling our two countries to thrive for generations to come," he said.

During his opening speech, Ahmed bin Sulayem, executive chairman and chief executive officer, DMCC, said: “I am thrilled to be back in Israel after celebrating the two-year anniversary of the Abraham Accords with the UAE’s Ministry of Foreign Affairs. The UAE is at the forefront of driving global trade through our range of comprehensive economic partnership agreements with some of the most important markets across the globe. As a result of the UAE-Israel Cepa, there is no better time for Israeli businesses to set up and expand their operations in Dubai.”

Ayelet Nahmias-Verbin, chairperson of the Israel Export Institute, added: “Since the Abraham Accords, trade with the UAE has gone up consistently, with numerous success stories in digital health, software and HLS. The potential with Dubai and with DMCC as a platform for Israeli companies will only develop to a larger scale. As gateway to India and Africa, we can create an infrastructure with DMCC for joint ventures that will benefit both countries.”

Yariv Becher, VP Innovation Diplomacy at Start-Up Nation Central, said: “Promoting innovation in the region as a way to drive business growth and impact is our core goal. Seeing DMCC align with this mission so clearly is why we’re proud to support their first physical event in Tel Aviv. We look forward to working with DMCC over the coming months and years to facilitate the growth of Israeli start-ups through Dubai.”

Shortly following the signing of the Abraham Accords, DMCC attracted over 70 Israeli businesses to its business district, largely in the fields of tech, diamonds, energy and crypto. DMCC has developed a deep relationship with Israeli counterparts, including through the opening of a DMCC representative office in the Israel Diamond Exchange and their respective office in DMCC’s Dubai Diamond Exchange.

— muzaffarrizvi@khaleejtimes.com

• Business