UAE-Israel ties open new economic horizons

The peace accord between the UAE and Israel will open up new vistas for economic co-operation by serving the mutual interests of two countries’ , Abdullah bin Touq Al Marri, UAE Minister of Economy.

The trade and investment prospects of the two countries is a “dividend of peace” that will reinforce the currently made ties between the two strong economies.

The Economy Minister also explained the wide opportunities to be opened up in various sectors through this accord for both the countries’ future economic development which includes logistics, energy, medicine, food and water security, financial services, technology, travel and tourism.

Al Marri was attending a joint webinar conducted by the US-Israel Business Initiative of the American Chamber of Commerce and the American-Emirati Business Council with the backing of the Trade and Commercial Office of the UAE Embassy in Washington.

The webinar was hosted on the sideline of the participation of ministers as part of UAE’s high-ranking delegation who will be visiting the US to officially sign the Abraham Accord.

With this accord, the UAE became the third Arab country and the first Gulf nation to normalize diplomatic ties with Israel.

Before the formal signing of the accord, Al Marri said that the UAE is hoping for eight trade and economic agreements which includes double taxation and a free trade agreement.

“The outcomes of signing this historic accord will pave the way for new business and investment opportunities, generating new clash flows and robust business activities that will provide immediate benefits to the UAE and Israel. The private sectors in both countries, as well as the regional economies, will undoubtedly benefit from the accord.”

Al Marri also commented on the crucial role American businesses played in the tie between UAE and Israel as American investors and companies can be an important link by functioning out of their offices in both countries.

The Economy Minister concluded by mentioning the UAE government’s efforts to overcome economic difficulties that occurred due to the pandemic and their focus to create a long-term economic development model.