Jerusalem, 1 December, 2022 (TPS) — The United Arab Emirates sees Israel as a natural partner for economic growth, so much so that officials from Dubai’s largest free trade zone held a conference in Tel Aviv on Tuesday to attract Israeli business.
“The UAE and Israel are on a journey of growth together from both a cultural and economic perspective,” said Emirati Ambassador to Israel Mohamed Al Khaja. “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.”
In May, Israel and the UAE signed the Comprehensive Economic Partnership Agreement (CEPA), a free trade agreement expected to increase the flow of goods and services between the countries.
The Dubai Multi Commodities Centre (DMCC) free trade zone currently hosts 21,000 businesses in the city’s Jumeirah Lakes Towers district. After the signing of the Abraham Accords in 2020, the DMCC attracted over 70 Israeli businesses, largely in the fields of tech, diamonds, and crypto. The DMCC and the Israeli Diamond Exchange have already opened representative offices in Dubai and Tel Aviv.
“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,” said DMCC’s Executive Chairman and Chief Executive Officer Ahmed Bin Sulayem.
“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,” Bin Sulayem said.
The Emirati-Israeli free trade agreement is expected to increase bilateral trade to over $10 billion within five years. The agreement looks to lower or eliminate tariffs on more than 96 percent of tariff lines and 99 percent value of trade, enhancing market access for exporters, attracting new investment, and creating opportunities in key industries.
Explaining the importance of the conference, 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.”
