First forum of its kind to be held after signing of the Abrahamic Accords
UAE will establish a government-led Business Council to help ensure a steady flow of investment between UAE and Israel, said Minister of State for Entrepreneurship, SMEs and Tourism Ahmad Belhoul at a business forum held this week in Tel Aviv.
More than 80 participants from various sectors of the United Arab Emirates arrived in Israel on Wednesday to explore business opportunities and meet with their relevant counterparts. The delegation was led by the Minister of Entrepreneurship, SMEs and Tourism Ahmad Belhoul and the Minister of State for Foreign Trade, Dr Thani Al Zeyoudi. It also included dignitaries from the United Arab Emirates Economic Development Department, Dubai Future Foundation, Abu Dhabi Ports, DP World, G42, ADIO, ADNOC, MASDAR and more. .
The business forum is the first to be held in Israel after the signing of the Abrahamic Accords and expresses a mutual sentiment; to advance business and bilateral trade.
âSince we signed the Abrahamic Accords, we have had a lot of business from the Israeli side to the United Arab Emirates, [while] investors in the UAE were able to understand what was available but did not see it themselvesâ¦ Part of what we are doing right now with our Ambassador Mohammed Al Khaja is establishing a business council that will be very targeted and very effective, âsaid Minister Belhoul.
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Organized by the Embassy of the United Arab Emirates in Israel, the Israeli Ministry of Economy and Startup Nation Central, the business forum will be held several times a year in the United Arab Emirates and Israel and will focus on promoting mutual interests. . UAE Ambassador to Israel Mohamed Al Khaja said the main goal of the trade delegation is to establish people-to-people connection, which is fundamental for trade between the two nations.
“I have a feeling that we have 50 years with no relationship to catch up … and what we can do together to create a new narrative of what peace can accomplish and how our region could thrive through such partnerships,” he said. ‘Ambassador Khaja.
According to data from the Israel Export Institute, trade between the two countries amounted to $ 1 billion in the past year and could exceed $ 3 billion within three years.
Officials from both sides confirmed that a regional free trade agreement is being finalized and is expected to be implemented in the coming months. The next business forum should take place in Abu Dhabi next January.