UAE, Israel have huge potential for economic cooperation: Al Zeyoudi

The UAE and Israel have significant potential for economic cooperation, said Dr Thani bin Ahmed Al Zeyoudi, UAE Minister of State for Foreign Trade, during the first UAE-Israel Business Summit 2021, a virtual event that was organised by Khaleej Times and The Jerusalem Post.

The UAE government expects Israeli exports to the country to touch up to $500 million (m) (Dh1,836.48m) a year. Similarly, the UAE investments in Israel to near $350m (Dh1,285.54m) per year. “This is a testament to the many opportunities that lie ahead in trade and investment across many sectors,” the minister said.

The sentiment is echoed on the Israeli side too where the finance ministry’s estimates bilateral trade to climb up to $6.5 billion (b) (Dh23.87b) a year and catapult the UAE into one of the leading trading partners around the globe.

“Looking at the two dynamic and innovative countries, the estimate of bilateral trade of $6.5 billion is very realistic, and can be reached in a couple of years,” said Samir Chaturvedi, the chief executive officer (CEO), the Khalifa Industrial Zone (Kizad) in Abu Dhabi.

Since the signing of the Abraham Accords in Washington D.C. on September 15, 2020, the two countries have signed various deals to cement their alliance, and many more are expected to be inked as the world opens up and normalises after the pandemic.

The potential is huge. Right from the oil and gas sector to partnerships in aviation, logistics, space, renewable energy, agriculture, health, artificial intelligence (AI), technology, and tourism opportunities are waiting to be explored in many sectors.

“In oil and gas sector, for instance, the UAE is looking to invest in downstream activities particularly in refining and petrochemical projects. This will be one of the fastest growing segments in coming years. Israel could be a natural partner in such projects,” said Zeyoudi.

“Everyone has a stake in making the region more vibrant, competitive, and more prosperous,” he added.

The signing of Abraham Accords offers a significant milestone in this journey.

suneeti@khaleejtimes.com

Suneeti Ahuja Kohli

Suneeti Ahuja-Kohli has been in Dubai long enough to call it her spiritual home. She loves to travel but plans to settle down in Koi Samui, Thailand eventually to spend her sunset years by the sea. For now, she writes frequently on personal finance, retirement planning, business news and features, health and almost anything assigned by her editor. Her sojourns can be followed on instagram (suneetiahujakohli), news and views on Twitter @suneetiahuja, and for the rest, there’s a Facebook account.