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The Dubai Worldwide Chamber, one of many emirate’s three chambers of commerce, is ready to open a consultant workplace in Tel Aviv to facilitate commerce and funding between enterprise communities in each Israel and Dubai.
In accordance with an official announcement issued this week, the Tel Aviv workplace of the Dubai Worldwide Chamber will determine enterprise and funding alternatives in Israel and “additionally help Israeli corporations with their entry into the Dubai market and assist them leverage the emirate to increase their attain into markets throughout the GCC [Gulf Cooperation Council], Africa and Asia.”
The announcement got here after a gathering on Monday on the Chamber’s headquarters between Hamad Buamim, president and CEO of Dubai Chambers, Israeli Minister of Financial system and Business Orna Barbivay, Israel’s Ambassador to the UAE Amir Hayek, and different representatives from the Israeli embassy within the United Arab Emirates and Dubai Chambers.
The event comes per week after Israel and the UAE signed a historic free commerce deal — the Complete Financial Partnership Settlement — in a bid to spice up financial ties between the 2 nations. The settlement covers regulation, customs, providers, authorities procurement, e-commerce and safety of mental property rights.
Israel and the UAE recorded about $1 billion of bilateral commerce within the first quarter of 2022. The nations hope that commerce values will attain $5 billion by 2023-2024 and $1 trillion over the following decade.
The Israeli Ministry of Financial system and Business has stated bilateral commerce with the UAE in 2021 reached near $900 million (together with diamonds, electrical gear, electronics, transportation supplies, jewellery and minerals).
Buamim stated that “by increasing our presence into Israel, we can be well-positioned to realize the targets of the Complete Financial Partnership Settlement signed by the UAE and Israel, construct new bridges between the 2 enterprise communities and increase non-oil commerce to achieve $10 billion yearly throughout the subsequent 5 years.”
He additionally stated that Israel was a market of strategic significance to Dubai and that the nation was anticipated to develop into one in all Dubai’s 10 high buying and selling companions inside just a few years.
Barbivai stated the settlement “displays the agency dedication the 2 nations connect to strengthening financial ties and creating new enterprise alternatives.”
Hayek added that the choice to open a Tel Aviv workplace of the Dubai Worldwide Chamber was “a major step in direction of selling cooperation between the 2 nations and their enterprise communities.”
Dubai may function a worldwide gateway for Israeli corporations, Buamim stated, noting that mutual enterprise may assist entice overseas funding in key sectors of mutual curiosity reminiscent of digital economic system, data expertise, synthetic intelligence, good providers, agricultural and meals applied sciences and area sciences.
The Dubai Worldwide Chamber has 11 worldwide places of work throughout Africa, Europe, Asia and Latin America. The group lately adopted a brand new technique for the following three years that focuses on strengthening Dubai’s place as a worldwide enterprise hub and figuring out 30 precedence worldwide markets “that supply enormous financial potential,” together with Israel.
Israel and the UAE signed a normalization settlement in 2020 as a part of the US-backed Abraham Accords. Bahrain and Morocco additionally normalized ties with Israel within the framework of the accords.
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