Followers

Wednesday, January 6, 2021

Israeli-UAE relations rapidly deepening with Abraham Accord (3)

 * You can read full text as follows.

202011AbrahamAccordEnglish.pdf (maeda1.jp)


(Japanese Version)

(Arabic Version)

Nov, 2021

3. Private sector and investment promotion



Regarding private sectors, Israel is more enthusiastic than UAE.  Israel-UAE Business Council has opened its homepage immediately[1]. There are many entrepreneurs and start-up entities in Israel. They have a strong demand for money. The UAE, on the other hand, is flooded with oil money and is looking for promising investment opportunities. The peace agreement between the two countries has created an ideal investment environment where the money match makings take place.

 

It has been announced that the Abu Dhabi Investment Office (ADIO), the government's investment arm, would open its office in Tel Aviv, Israel, to improve the investment environment[2]. ADIO has signed a trade and investment cooperation agreement with the Israel Export Institute[3]. In late September, delegation of the Israeli Chamber of Commerce visited the UAE. They signed an agreement with the Dubai Chamber of Commerce to strengthen economic cooperation and a MoU with the Jeber Ali Free Zone Agency (JAFZA)[4].

 

Visits of Senior Advisor to the US President Jared Kushner with Israeli government delegation by the first Tel Aviv-Abu Dhabi flight in August has shown President Trump's strong commitment to the peace agreement. On October 19, the first flight of Etihad Airways of Abu Dhabi landed on Tel Aviv Airport. Joint public-private mission led by the UAE's economic ministers and accompanied with US Treasury Secretary Steven Mnuchin visited Israel for the first time[5]. The first UAE-Israel Business Summit (Abraham Accord Business Summit) was held on the occasion of a visit to the UAE mission.

 

As the business environment between the governments improved, the joint investment fund started as a front runner of the joint ventures between the two countries. Al-Naboodah in Dubai and OurCrowd in Israel have agreed to establish a $ 1.5 billion fund[6]. Dubai's Al-Habtoor Group has announced plans to open a representative office in Israel as a pioneer of UAE private companies[7]. The group aims to earn first-mover advantage in business with Israel.

 

State-owned DP World in Dubai, which has grown into a global port operator, is going to participate in a privatization bid for Israel’s second largest Haifa Port in partnership with an Israeli company[8]. The first container ship from the UAE arrived at Haifa Port on October 12, opening a new route between Europe-Israel-UAE. Dubai's JAFZA already has containership routes to East Africa, India, Singapore and the Far East. Dubai is expected to become as a global shipping hub.

 

(cont’d)

 

By Areha Kazuya

E-mail: Arehakazuya1@gmail.com

 



[1] UAE-Israel Business Council HP:https://www.uaeisraelbusiness.com/

[2] Abu Dhabi Investment Office to open in Tel Aviv

2020/9/16 Arab News

https://www.arabnews.com/node/1735586/business-economy

[3] Abu Dhabi, Israel sign cooperation agreement on trade and investments

2020/10/7 Arab News

https://www.arabnews.com/node/1745346/business-economy

[4] Dubai, Tel Aviv sign agreement to foster bilateral economic cooperation

2020/9/24 Khaleej Times

https://www.khaleejtimes.com/business/markets/dubai-tel-aviv-sign-agreement-to-foster-bilateral-economic-cooperation

[5] First Emirati passenger flight lands in Israel

2020/10/19 Arab News

https://www.arabnews.com/node/1750991/middle-east

[6] UAE and Israel join forces on venture capital investments

2020/10/6 Arab News

https://www.arabnews.com/node/1745056/business-economy

[7] Dubai’s Al-Habtoor Group to open representative office in Israel

2020/9/20 Arab News

https://www.arabnews.com/node/1737296/business-economy

[8] Dubai’s DP World to work with Israeli firm in bid for Haifa Port

2020/9/17 Arab News

https://www.arabnews.com/node/1735721/business-economy

No comments:

Post a Comment