Search

UAE opens Gulf trade shows to Israeli firms in deal worth $150 million

WhatsApp Email https://worldisraelnews.com/uae-opens-gulf-trade-shows-to-israeli-firms-in-deal-worth-150-million/
Email Print

Agreement worth up to $150 will see large Israeli trade fairs being held in Dubai.

By Paul Shindman, World Israel News

Israel and Dubai signed an agreement Monday that could see Israeli trade shows being held in the United Arab Emirates before the end of the year.

Under the deal signed between the Israel Export Institute and the Dubai World Trade Center, the two organizations will cooperate in holding international conferences and large-scale exhibitions to promote business opportunities between the two countries, the Dubai government media office said on its website.

The agreement will allow Israeli pavilions at giant trade fairs that are held in Dubai with the agreement valued at 500 million shekels ($150 million).

“The historic signing of the Abraham Accords agreement has opened new avenues for strengthened collaboration and exchange between the UAE and Israel,” said UAE Minister of Economy Abdulla bin Touq Al Mari. “Not only both nations stand to benefit, but so does the wider region, particularly through an inward flow of investment and trade, increased cooperation, knowledge sharing, and large-scale innovation.”

The Export Institute handles Israeli pavilions at international trade shows and exhibitions and for the first time will get the opportunity to showcase Israeli industry in the Gulf countries.

Dubai’s World Trade Center organizes and hosts some of the world’s largest and well-attended events and exhibitions across a wide range of industries including technology, agriculture, food, defense, cyber and lifestyle.

Israel’s Minister of Economy and Industry, Amir Peretz, said the deal was a step towards a comprehensive trade agreement between the two countries that is expected to be signed in the coming weeks and could bring billions to the Israeli economy.

“The fruits of peace are ripening faster than imaginable,”Peretz said. “This development and future large-scale agreements are proof of the value of peace rather than unilateral activities and will surely bring growth to the broader region and the Israeli economy in particular.”

The Emiratis wasted no time, with the Abu Dhabi Investment Office announcing it would co-host a webinar Tuesday with the Invest in Israel agency of the Israeli government to give Abu Dhabi-based companies information on “Israel’s innovation ecosystem.”

Israel and the UAE signed the peace deal in Washington on September 15, and the Dubai government website already has detailed Hebrew language web pages aimed at attracting Israeli investors.