Business & Investment

Israel and United Arab Emirates are approaching a free trade agreement

Israel and the United Arab Emirates are working towards the announcement of a regional free trade agreement, the new Israeli ambassador to UAE Amir Hayek has revealed. Israel-In a speech welcoming the Israeli Export Institute “Beyond Business” to commemorate the opening of the Abu Dhabi Business Forum- Bank Hapo Alem (TASE: POLIHayek, a delegation to the country, said that one year after the Abraham agreement was signed, the two peoples have demonstrated their ability to work together and succeed in cooperation between the two countries.

Hayek’s declaration on free trade areas came after long months of talks between the two countries. The announcement was postponed for a variety of reasons, but Hayek revealed that there was a basic agreement. At the same time, both countries are conducting various surveys to confirm that the local manufacturers are not seriously damaged.

Bank Hapoalim CEO Dov Kotler told journalists last night that UAE investors were the first to participate in bank-raised $ 1 billion green CoCo bond issuance. He said his relationship with the UAE has been steadily progressing over the past year.

“The importance of expanding the Abraham agreement is the opening of the market to Israel through the UAE, which did not exist in the past,” said Adiv Bulk, chairman of the Israeli Export Institute.

Former Mossad Prime Minister Yoshi Cohen, who currently manages SoftBank’s investment in Israel, told attendees that Iran remains a greater danger to its neighbors in the region than Israel. He said, “The threat of Iran threatens the entire region. While we are speaking, Iranians have made great efforts to promote actions aimed at compromising the stability of the region. I have. “

He added, “This is the first official visit to Abu Dhabi and it is great to be able to participate openly here. Signing a peace agreement is a protracted process, with months of negotiations taking place before it. It wasn’t particularly difficult. When I first contacted Mohammed bin Zayed and his brothers, the difficulty was to build enough strong trust between them to finally reach an agreement. It was a question of whether we could do it. We finally succeeded. “

“I’m very happy with my life as a businessman, and I no longer have to chase the threats of bad guys, terrorists and Iran,” Cohen said of his new life after Mossad.

United Arab Emirates Foreign Minister Tani Al Zeyoudi said there are many areas in which the two countries have reached an agreement, and that potential has already been demonstrated to be just beginning to materialize.

Other participants in the forum included Ruben Klupick, Chairman of Bank Hapo Alime, Abdullah Almaslowei, Chairman of the UAE Chamber of Commerce, and Mohammed Arial Shorafa, Chairman of the Abu Dhabi Investment Office (ADIO). ..

The Israeli delegation to Abu Dhabi consisted of 200 senior businessmen who flew to the Gulf yesterday to commemorate the first anniversary of the Abu Dhabi agreement. They came to Abu Dhabi to meet with senior UAE government officials, senior sovereign wealth fund executives, and local businessmen. Several transactions, which have been negotiated for several months, were finally signed during the visit, including areas such as pharmaceuticals, cybersecurity and smart cameras.

“It is thanks to them that we have become partners today, a year after the signing of the Abraham Agreement,” said Mohammed Ali Al Shorafah, Chairman of the Abu Dhabi Investment Authority (ADIO). We are strengthening cooperation between the two countries. It is actually amazing with the United Arab Emirates. A year later, we are already trading a billion dollars between the two countries. Without economic prosperity, the region The hope of stabilizing is just a hope and a dream. “

Trade between the two countries has reached $ 1 billion over the past year, according to data from the Israeli Export Institute. Bilateral trade from January to August 2021 alone reached $ 700 million. These amounts are primarily for cybersecurity and other technical products and do not include services. Most of the trade involves procurement and investment from both governments.

Full Disclosure: The writer is a guest of the delegation of Bank Hapo Alim and the Israeli Export Institute, and the trip is paid in full by “Globe”.

Israeli Business News, Published by Gloves- en.globes.co.il -October 17, 2021

Copyright of Globes Publisher Itonut (1983) Ltd.2021

Israel and United Arab Emirates are approaching a free trade agreement

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