The Dubai Investment Development Agency (Dubai FDI) is looking to cement closer ties with the Manufacturers’ Association of Israel (MAI) as the emirate looks to build on the AED1 billion trade deals signed since the Abraham Accords. Facilitated by the accords, annual trade between Israel and the UAE is expected to reach more than AED14 billion within three to five years. Dubai has already concluded trade deals valued at more than AED1 billion with Israel in the months following the accords which were signed in September. The MoU between Dubai FDI and MAI will help bolster business and investment ties between Dubai and Israel while also establishing a mutually beneficial and collaborative relationship to support potential business links as well as investment and promotional activities, a statement said. Fahad Al Gergawi, CEO of Dubai FDI, said: “Today we are writing a success story of business and investment partnerships between Israel and Dubai, based on the determination and sincere desire of both sides to strengthen bilateral relations. We will help each other identify various sectors and opportunities from which the business communities in both economies can benefit.”
The MOU lays down the groundwork for mutual collaboration on generating investment and trade opportunities through information exchange and joint promotional activities. This includes approaching and attracting companies to Dubai and Israel, hosting joint events, and supporting reciprocal visits of government and industry representatives. Dr Ron Tomar, president of MAI, said: “The peace agreement between the two countries has created an extraordinary opportunity to develop Israel's ties with the countries of the region. Our leaders paved the way, and now it is for us - the business leaders - to step in and ensure that both communities shall walk that way and reach fruitful and beneficial mutual results.
Both signatories to the agreement will encourage their networks to develop and promote trade and investment linkages, facilitate cross-border meetings and business trips, and share relevant information with their networks about trade, investment, and best practices, the statement added. Dubai FDI has already organised and conducted a series of industry-specific investment webinars with potential Israeli investors in the sectors of healthcare, technology, and food and agribusiness. More such missions are on the cards for 2021. Dubai FDI is an agency of Dubai Economy and develops, promotes and supports foreign direct investment opportunities to facilitate investors’ success, growth and expansion in Dubai, the UAE and across regional and international markets.