Dubai, Tel Aviv Chambers of Commerce inks deal for bilateral cooperation

By Rahul Vaimal, Associate Editor
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Dubai Chamber Image
Representational Image

A strategic partnership agreement has been signed between the Chamber of Commerce and Industry of Dubai and the Chamber of Commerce of Tel Aviv (Israel), paving the way for bilateral cooperation.

Under the terms of the agreement, the two chambers shall carry out a joint study defining synergies and sectors of common interest, draw up a virtual events roadmap, undertake and coordinate business delegations and common visits, host a joint business forum and assist new companies, start-ups and scale-ups with resources and programs.

The Chambers’ current events, projects and programs in areas such as research, networking, arbitration, consultation, education, training, women-in-business, best practice, sustainability and advocacy cover other facets of the collaboration.

The relationship also brings benefits to the public and private sectors in the Middle East region by opening the door to cross-border economic cooperation. The agreement between the two sides is part of a larger effort to foster peace, dialogue and stability and encourage sustainable development between the UAE and Israel.

Hamad Buamim
Hamad Buamim
President & CEO, Dubai Chamber

“The agreement is a significant development and will create new bridges between the two business communities and build a foundation for bilateral economic cooperation and mutually beneficial partnership. It represents the deep commitment of leaders on both sides to cooperate, share expertise and capitalize on shared business opportunities in a wide variety of economic sectors. It also reflects the openness of the Dubai economy and the importance attached to international cooperation by its leadership.”

Uriel Lynn, President of the Federation of Israeli Chambers of Commerce and Tel Aviv Chamber of Commerce said, “The declaration for strategic partnership with Dubai chamber of commerce and Federation if the Israeli chambers of commerce (FICC) can be valued only in historical proportions. It is an agreement, which supports and enhances the peace agreement between the UAE and the State of Israel. It creates a partnership between two countries, which have worked hard to build strong and prosperous economies for a better life for their people. It will build a cooperation for two-way trade in areas, such as high-tech, tourism, aviation, investment and real estate, and more specifically, cyber, clean-tech, irrigation, ag-tech, digital health care and much more. Both economies will greatly benefit.”

It was by the end of August that UAE and Israel signed the peace treaty called Abraham Accord following which the UAE president, Khalifa bin Zayed Al Nahyan issued a decree that nullified the law that led to the boycott of Israel and its products. Less than a month later, Bahrain also normalized its diplomatic relationship with Israel. US president Donald Trump brokered both the deals.