Dubai-Israel trade hits Dh1 billion; to create 15,000 jobs
Dubai - Trade between Dubai and Israel is slated to reach Dh15 billion in the next few years.
Bilateral trade between Dubai and Israel reached Dh1 billion in the past five months and is expected to reach Dh15 billion in the next few years, said a senior Dubai official.
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Sultan bin Sulayem, DP World’s group chairman and CEO and chairman of Dubai’s Ports, Customs and Free Zone Corporation, said the growing bilateral trade will create more than 15,000 jobs.
According to Dubai Customs statistics, Dubai’s trade with Israel reached Dh1 billion in value and 6.217k tonnes in volume from September 2020 to January 2021.
Of this, imports were valued at Dh325 million (or 718 tonnes) while exports totalled Dh607million (5.4k tonnes), and transit trade, Dh98.7 million (52.4 tonnes).
Economic ties between the two countries have been growing steadily since signing of the Abraham Accord on September 15, 2020, in Washington DC.
Israeli Minister Eli Cohen also said last year that within three to five years, trade between Israel and the UAE will reach $4 billion (Dh15 billion).
Bin Sulayem believes opening new markets and stimulating mutual trade between Dubai and Israel will encourage companies to increase production, leading to greater economic growth and more job creation.
“The expansion of trade and investment between the two sides will benefit not only the business communities in the UAE and Israel, but also other stakeholders and business communities in the Middle East,” said bin Sulayem.
Ahmed Mahboob Musabih, director-general of Dubai Customs, stated that the volume of Dubai’s seaborne trade with Israel amounted to 5.7k tonnes (Dh82.8 million), while airborne trade reached 423kg (Dh948.6 million).
Main imports and exports
Dubai’s main imports from Israel include vegetables and fruits, diamonds and flat screens, hi-tech devices, and medical and mechanical devices; while exports include diamonds, smart phones, engine spare parts, perfumes and lubricants.
Ahmed Mahboob Musabih said Dubai and Israel can both generate new growth opportunities as they possess "exceptional competitive advantages that place them in a good position to promote win-win cooperation between each other’s business communities".
“Expo 2020 is a golden opportunity for Israel to introduce its services, products and opportunities to the world. We also look forward to Israel’s participation in the 5th WCO AEO Conference, to be organised by Dubai Customs in coordination with the World Customs Organization and the Federal Customs Authority,” said Musabih.