Jerusalem24 – The Dubai International Chamber has announced plans to open a representative office in Tel Aviv, aiming to facilitate trade and investment between business communities in Dubai and Israel.
The announcement came during a meeting at the Chamber’s headquarters between CEO of Dubai Chambers Hamad Buamim, Israeli Minister of Economic and Industry Orna Barbivay, representatives from the Israeli embassy, ministry, and Dubai Chambers.
Buamim stressed the vital role of promoting Dubai as a global gateway for Israeli companies, adding “by expanding our presence into Israel, we will be well-positioned to achieve the objectives of the Comprehensive Economic Partnership Agreement signed by the UAE and Israel, build new bridges between the two business communities, and boost non-oil trade to reach $10 billion annually within the next five years.”
Buamim said that Israel is expected to become one of Dubai’s ten top trading partners within a few years, especially since the Chamber has identified the Israeli market as among the 30 priority markets.
The Israeli Minister said the UAE-Israel partnership agreement and Dubai International Chamber’s announcement reflect both countries’ strong commitment to strengthening economic ties and creating new business opportunities.
Israel signed a free trade agreement with the United Arab Emirates on 31 May, its first big trade accord with an Arab state, and a move aimed at boosting trade between the two Middle Eastern nations.
On September 15, 2020, the UAE became the first Gulf nation to establish formal relations with Israel as part of the Abraham Accords brokered by Donald Trump, and the third Arab country ever to do so after Egypt and Jordan in 1979 and 1994.
There was little public enthusiasm in the UAE – though no vocal opposition – for the signing of the accords.