Dubai International Chamber, one of the emirate’s three chambers of commerce, is preparing to open a representative office in Tel Aviv to facilitate trade and investment between business communities in Israel and from Dubai.
According to an official announcement made this week, the Dubai International Chamber’s Tel Aviv office will identify business and investment opportunities in Israel and “also support Israeli companies in their entry into the Dubai market and help them take advantage of the emirate to expand their reach in the GCC markets.” [Conseil de coopération du Golfe]Africa and Asia”.
The announcement came after a meeting at the Chamber’s headquarters on Monday between Hamad Buamim, Chairman and CEO of Dubai Chambers, Israeli Minister of Economy and Industry Orna Barbivai, the Israeli ambassador to the UAE, Amir Hayek, and other officials from the Israeli embassy in the United States. Arab Emirates and Dubai Chambers.
Grab our FREE daily email copy so you don’t miss out on any of the best news! FREE SUBSCRIBE!
This development comes a week after Israel and the United Arab Emirates signed a comprehensive and “pioneering” free trade agreement aimed at strengthening economic relations between the two countries. The Comprehensive Economic Partnership Agreement (CEPA) covers regulations, customs, services, e-commerce, and protection of intellectual property rights, among others.
Israel and the UAE recorded bilateral trade of nearly $1 billion in the first quarter of 2022. The two countries expect the value of trade to reach $5 billion in 2023-2024 and more than $1 trillion over the next decade.
The Israeli Ministry of Economy and Industry said that bilateral trade with the UAE in 2021 amounted to nearly $900 million (in diamonds, electrical equipment, electronics, transportation materials, jewelry, and minerals).
Buamim said, “By expanding our presence in Israel, we will be well positioned to achieve the CEPA goals that the UAE and Israel signed, to build new bridges between the two business communities and stimulate non-oil trade to reach $10 billion per year in the next five years.”
He also said that Israel is a strategically important market for Dubai and the country is expected to become one of Dubai’s top 10 trading partners within a few years.
Barbivai said that this agreement “reflects the strong will of both countries to strengthen economic relations and create new job opportunities.”
Hayek added that the decision to open an office for the Dubai International Chamber in Tel Aviv was an “important step in strengthening cooperation between the two countries and their trading communities.”
Buamim said that Dubai could be a global gateway to Israeli business, noting that “the comprehensive agreement signed between our two countries will accelerate economic activities” while creating opportunities for research and development, “as well as new investments in agricultural technologies, renewable energies and other advanced technologies – critical sectors for our two countries.
Dubai Chamber International has 11 international offices spread across Africa, Europe, Asia and Latin America. The organization recently adopted a new strategy for the next three years aimed at strengthening Dubai’s position as a global business center and identifying 30 priority international markets that “offer huge economic potential”, including Israel.
The United Arab Emirates and Israel signed a normalization agreement in 2020 under the Abraham Accords, which were brokered by the United States. Then Bahrain, Sudan and Morocco followed suit.