Dubai International Chamber just opened a representative office in Tel Aviv intended to strengthen business links between Israel and the UAE and to pave the way for bilateral trade to reach $10 billion within five years.
The strategic step is part of the Emirate of Dubai’s Global initiative to attract foreign investment, talent and new business to reinforce the emirate’s position as a leading commercial hub, while enabling Dubai-based companies to expand into 30 priority markets overseas.
“Bilateral trade has increased dramatically since the UAE and Israel signed the historic Abraham Accords in 2020 that put in place foundations for a historic era of cooperation between the two countries,” said Hassan Al Hashemi, VP-International Relations for Dubai Chambers.
In 2021, non-oil trade between the two countries reached $1.19 billion. In the first seven months of 2022, bilateral trade already surpassed the whole previous year’s total, reaching $1.4 billion.
“Now following the signing of the Comprehensive Economic Partnership Agreement (CEPA) between the two countries in May 2022 and the removal of tariffs on 96 percent of goods, we expect bilateral growth to accelerate to more than $10 billion within five years” Al Hashemi added.
The new office will support Israeli investors looking for business opportunities in Dubai and enable Israeli businesses of all sizes to leverage the emirate’s strategic location, connectivity and access to regional markets.
In addition, the new office will serve as an address where Dubai businesses can explore expansion opportunities across Israel.
There are now about 1,000 Israeli businesses operating in the UAE, dozens of direct flights between the two countries every week, visa-free travel and an increase in tourism.
“There are limitless exciting trade opportunities between the UAE and Israel particularly in the areas of electronics, water security, clean energy, space, retail, culture, machinery, vehicles, chemicals and food,” Al Hashemi said
The Chamber already has representative offices across Africa, Latin America, Eurasia, India and China.