After normalizing the relations between Israel and UAE, there has been fast pace growth in the economic ties between the two countries and now industry experts estimate about $500 million of Israeli investments in various sectors of the Emirates.
According to Dr. Fahed Al Meraabi, the chairman and chief executive of Zurich Capital Funds, a leading private equity firm, Israel firms are looking up to invest in leading sectors of UAE including real estate, fintech, digital banking and blockchain market.
“We are looking at bringing investment in both ways from the UAE to Israel as well and vice-versa. We’ve received now almost $500 million in commitments from Israeli investors to invest in the UAE in major sectors. These companies are already serving in Israel to different banking institutions and insurance firms,” Dr. Al Meraabi added.
Zurich Capital Funds has also launched Cricket Coin, which is a cryptocurrency, by partnering with around three dozen of leading Israeli companies and other local partners.
In light of the rapidly expanding economic and trade relations between the two countries, the global tech show Gitex Technology Week will be hosting the inaugural UAE-Israel Future Digital Economy Summit in partnership with the Israel Export Institute and Bank Hapoalim.
The economy summit aims to showcase the most innovative technology and leadership from both the countries that are ready to build a transformative digital future through conversations in collaboration.
On September 15th, the UAE and Israel normalized its relations by signing the historic Abraham Accord in the US. Since then, the governments and private firms of both countries have entered into several agreements in different sectors.
Both Israel and UAE’s national carriers have also commenced regular commercial flights between the countries to take benefit from the surging local trade and tourism sector.
According to officials’ forecasts, the annual non-defense trade between Israel and the UAE will reach up to $4 billion.