The United Arab Emirates seeks to make its relations with the occupying entity, which began before the announced normalization agreement, more intimate through the gateway to the economy and trade exchange.
In this context, Reuters quoted the UAE Minister of Economy, Abdullah bin Touq Al Marri, as saying that the UAE aims to raise the value of economic activity with Israel to more than one trillion dollars over the next ten years.
The Minister of Economy in the Emirates talks about the vision of Abu Dhabi
Al-Marri added in his remarks that he hopes that Israel and the UAE in all areas from health care to climate change.
The UAE has previously signed dozens of memoranda of understanding with its new ally, Israel, in the last year since it became the first Arab country to normalize relations with Israel in the current century.
It was not immediately clear how the two countries expect to reach the goal of economic activity of one trillion dollars over the next decade, while the size of the gross domestic product of both countries is about 400 billion dollars.
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The minister said in a remote press conference on Monday that the volume of trade between the two countries ranges between 600 and 700 million dollars, adding that reaching this level in one year is an achievement in itself.
“We are looking forward to creating an economic activity of one billion dollars over the next decade,” he said, adding that action is being taken in many areas in terms of economic opportunities.
For its part, the Israeli occupation government said that it expects the volume of trade with the UAE to reach one billion dollars by the end of 2021 and three billion dollars in three years.
However, it remains much less than the UAE’s exports to Saudi Arabia, which tops its trading partners, which amounted to $24 billion in 2019.
“A new window of opportunity has opened since this agreement, and the economy is changing the face of the region and providing a diplomatic basis for strengthening our relations,” said Adib Baruch, chairman of the board of directors of the Israel Export Institute.
The deals announced include 40 memoranda of understanding and about 30 agreements related to the financial, energy, sports, agriculture, aviation, space and media sectors.
But calm surrounds a $3 billion fund announced by the United States, Israel and the UAE to encourage the private sector and regional cooperation.
As well as a fund of ten billion dollars whose money comes from the private sector and the government to invest in the strategic sectors of Israel.
The institute and Israel’s largest bank, Hapoalim, said they plan to send a mission of 240 businessmen and entrepreneurs to Abu Dhabi and Dubai next month.
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The mission targets companies that the UAE believes can cooperate in advanced technology, as well as companies in the construction, industry and smart transportation sectors.
Official Israeli data also show that the volume of trade between the two countries in goods amounted to 610 million dollars in the first seven months of this year.
Among them, $400 million worth of Emirati exports to Israel, half of them are diamonds.
The UAE enters the G20 club in trade exchange with Israel
Yesterday, Monday, the Hebrew newspaper, Haaretz, revealed what it described as an exceptional growth of intra-regional trade between the UAE and Israel.
In this context, Israeli writer Hagai Amit confirmed in an article published by the newspaper that bilateral trade between Tel Aviv and Abu Dhabi is expected to reach one billion dollars annually, without the thriving “diamond” trade between the two sides.
The writer added that at this pace, the UAE will surpass many European countries, and will become one of the twenty major partners that trade with Israel.
He added that “the volumes of trade with the UAE are now several times higher than other neighboring countries such as Jordan and Egypt, and more than Sweden, and are even similar to countries such as Russia.”
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The writer also referred to data published by the Central Bureau of Statistics in Israel, which revealed that exports from Israel to the UAE amounted to $210 million in June 2021, while Israel’s import from the UAE amounted to $400 million.
The writer underestimated the increase in the trade balance in favor of the UAE in the previous statistic, pointing out that these figures do not include export or import of services, an area in which Israel has a great advantage in its economic relations with all countries.
Amit quotes Adib Baruch, head of the Export Institute in Israel, as saying that there has been a significant increase in trade exchange between the UAE and Israel in the areas of service provision, agriculture, low technology, finance, civil cyber, and digital medicine.
The writer said that businessmen from Israel working with the UAE expressed their happiness with what they described as a revolutionary trade path between an Arab country and Israel, and are preparing for a major breakthrough in trade relations with partners in the UAE in the coming year.
The writer pointed to a special boom in trade between the Emirates and Israel in the field of exporting Israeli information systems technology, especially to health and beauty centers in Abu Dhabi and Dubai.
The latter is now considered a global center for plastic surgery, as it is nicknamed “Beverly Hills 2”, which opens up great opportunities for Israeli companies.
Amit confirms that the jewelry branch in Israel is the biggest winner so far from the normalization agreement with the UAE, and quotes Gadi Gretel, head of the Israel Diamond Association, as saying: “In the Emirates, they set themselves the goal of controlling the crossroads of trade between Asia and the Arab countries. And the field of gold and jewelry is essential for them.”
He continued, “Unlike Bahrain, which trades in jewelry for it to sell to customers and the sheikhs themselves, the UAE markets its trade exchange in a very large way to trade in it.”
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