UAE and Israeli businesses stand to benefit from building partnerships in key sectors of mutual interest such as trade, services, tourism, healthcare, technology, agriculture and sustainability, industry experts said during a recent virtual event hosted by Dubai Chamber of Commerce and Industry.
The event, hosted as part of the Global Partnership Series, was attended by 182 participants from 13 countries, including the UAE, Israel, Saudi Arabia, Egypt and India, including public and private sector stakeholders representing a wide variety of economic sectors.
Speakers included H.E. Hamad Buamim, President & CEO of Dubai Chamber of Commerce & Industry; Mohammed Al Muallem, CEO & Managing Director of DP World, UAE Region and CEO of Jafza; Uriel Lynn, President of the Federation of Israeli Chambers of Commerce; Omar Khan, Director – International Offices, Dubai Chamber of Commerce & Industry; and Shlomi Fogel, Owner, Chairman & CEO Ampa Group.
A panel discussion, titled Building the Bridge to New Opportunities,examined the strategic positions that Israel and Dubai occupy, not only as final attractive trade destinations, but also as gateways to even larger markets, practical information on the general business environment and potential avenues of Israel-UAE economic cooperation.
During the panel, H.E. Buamim noted that he is optimistic about the prospects and outlook for UAE-Israel trade and investment in the near future, given the strong commitment from both governments and remarkable progress that we have seen since relations normalised last year.
“Going forward, trade is expected to play a fundamental role in strengthening and expanding UAE-Israel economic relations. According to the joint economic study conducted recently, Israel could become one of Dubai’s top 10 trading partners in the near future,” H.E. Buamim said, adding that Dubai’s exports to Israel are projected to reach $4 billion annually as businesses on both sides tap into synergies and build partnerships.
Dubai Chamber’s President & CEO said the virtual event, hosted as part of the organisation’s strategic partnership with the Federation of Israeli Chambers of Commerce, is the latest in a series of joint initiatives and collaborations that are paving the way for bilateral partnerships that create mutual benefits and economic growth.
Commenting on the economic impact, Al Muallem said the normalisation of ties between the UAE and Israel has proved to be a benefit to both countries with initial bilateral trade estimated to reach $5 billion.
“We look forward to the Israeli businesses utilising the core competencies of DP World’s Jebel Ali Port, that offers connectivity to over 150 ports globally, connecting customers to over 3.5 billion consumers, and Jebel Ali Free Zone (Jafza), a multimodal trade and logistics hub that is home to over 8,000 companies from across the globe,” Al Muallem said.
“Our primary goal is to help companies capitalise on Dubai’s strategic position through Jebel Ali Port and the Free Zone as a gateway to thriving markets and unmatched opportunities. As a leading enabler of smart trade, we employ our cutting-edge digital infrastructure and trading technologies to promote growth in the logistics sector locally, regionally and globally,” Al Muallem added.
For his part, Lynn emphasised on the importance of strengthening UAE-Israel bilateral relations in various fields, including trade, services, hi-tech, healthcare, agriculture, water technology, digital, clean and solar energy.
“At Israel, we aim to bring the most value to Dubai and UAE community, and facilitating cross-border cooperation across several economic sectors of mutual interest. And organizing these virtual events and business meetings would strengthen relations, introduce new opportunities, and help business expand in global markets,” said Lynn.
Fogel described Dubai as a global centre for trade and business, and Israel is keen to build bilateral relations with Dubai in various sectors and explore the competitive advantages it provides to the Israeli business community. He also called the Israeli business community to benefit from the competitive advantages that Dubai offers, expand their trade ties, open doors for new opportunities, and enter Dubai market.
The event also featured an informative presentation providing an overview of Dubai’s economy, business environment, competitive advantages and other new incentives that Israeli businesses can benefit from.