UAE-Israeli bilateral trade exceeds $675m since signing of Abraham Accords

The non-oil bilateral trade between UAE and Israel has reached more than $675 million since the signing of the Abraham Accords last year, Dr Thani Ahmed Al Zeyoudi, UAE Minister of State for Foreign Trade told the UAE-Israel forum in Abu Dhabi.

In his keynote speech at the Beyond Business forum in Abu Dhabi on Sunday evening, Al Zeyoudi said the Abraham Accords has provided a constructive ground for achieving exceptional growth and significant achievements in the economic partnership between the two countries and the launch of trade and investment cooperation ties between the UAE and Israel at a rapid pace in record time.

“Since the signing of the Abraham Accords, a number of agreements have been signed in areas such as Artificial Intelligence (AI), cyber security, food, water security, energy and others,” he said.

“Six major deals have been signed between entities from both countries in areas of technology, tourism, health, energy, environment and many will be announced soon.”

The Beyond Business forum was co-organised by Israel, the UAE Ministry of Foreign Affairs and Abu Dhabi Investment Office (ADIO) in celebration of a year since the signing of the historic Abraham Accords in September last year.

The UAE minister noted that Abu Dhabi’s Mubadala Petroleum had signed a $1 billion deal for a 22 per cent stake in the Tamar offshore gas field offshore from Israel’s Delek Drilling.

“Our relationship with Israel is robust, and we are still working together to push forward the economic agendas to boost foreign trade between both countries,” said Al Zeyoudi.

He noted that the UAE had introduced new visa reforms, including the green visa initiative to make it easier for investors and expats to stay here and their families in harmony.

Ruben Krupik, Chairman of Israeli Bank Hapoalim said the signing of the Abraham Accords is an important catalyst in achieving further growth and prosperity in the UAE-Israeli relations and in the region.

“Our shared efforts will ultimately lead to greater success. In the first year, we have witnessed the fruits of the cooperation between the two countries,” he said adding that many UAE companies have been established in Israel and that it was just the beginning.

Adiv Baruch, Chairman Israeli Expo Institute said he believes the Israeli and the UAE economic activity could reach more than $1 trillion over the next decade.

“Both citizens of Israel and the UAE have a commitment to make a difference in this whole region. We should take this opportunity as a life mission to make a difference for the future generations for our kids that will grow together committed to each other,” he said.

The forum aimed at highlighting businesses opportunities in both countries and officials discussed different topics including collaboration, investment and energy.

— ismail@khaleejtimes.com