- Home
- Middle East
- UAE
- Dubai FDI signs MoU with Israeli manufacturers’ association to promote cross-border investment
Dubai FDI Signs MoU With Israeli Manufacturers’ Association To Promote Cross-border Investment
Sumaira FH Published March 23, 2021 | 10:45 AM
DUBAI, (UrduPoint / Pakistan Point News / WAM - 23rd Mar, 2021) The Dubai Investment Development Agency (Dubai FDI), an agency of Dubai Economy, has signed an agreement with the Manufacturers’ Association of Israel (MAI) to explore collaboration in promoting cross-border business and investment opportunities.
The agreement comes on the heels of the historic Abraham Accords signed between the United Arab Emirates and Israel, and which are poised to build a long, steady partnership across sectors. Facilitated by the accords, annual trade between Israel and the UAE is expected to reach more than AED14 billion within three to five years. The Emirate of Dubai has already concluded trade deals valued at more than AED1 billion with Israel in the five months following the accords, between September 2020 and January 2021.
The MoU between Dubai FDI and MAI will help bolster business and investment ties between Dubai and Israel while also establishing a mutually beneficial and collaborative relationship to support potential business links as well as investment and promotional activities.
Fahad Al Gergawi, CEO of Dubai FDI, said, "Today we are writing a success story of business and investment partnerships between Israel and Dubai, based on the determination and sincere desire of both sides to strengthen bilateral relations. We will help each other identify various sectors and opportunities from which the business communities in both economies can benefit."
The MOU lays down the groundwork for mutual collaboration on generating investment and trade opportunities through information exchange and joint promotional activities. This includes approaching and attracting companies to Dubai and Israel, hosting joint events, and supporting reciprocal visits of government and industry representatives.
Dr. Ron Tomar, President of the Manufacturers' Association of Israel, said, "The peace agreement between the two countries has created an extraordinary opportunity to develop Israel's ties with the countries of the region. Our leaders paved the way, and now it is for us - the business leaders - to step in and ensure that both communities shall walk that way and reach fruitful and beneficial mutual results. I recently visited UAE and met wonderful people, who are interested and strongly believe in a real partnership.
"This is also my personal goal, and the goal of the agreement, which I am excited to sign - to create a long-term partnership between the two countries, which will help to develop the trade and the economy in the region. Israel can serve as the new gate of the Gulf states to the West, and the United Arab Emirates can serve as the new gate of Israel to the Gulf states and Asia, and together we will promote the vision of peace, brotherhood and cooperation.
"
Both signatories to the agreement will encourage their networks to develop and promote trade and investment linkages, facilitate cross-border meetings and business trips, and share relevant information with their networks about trade, investment, and best practices.
Tally Zingher, Managing Director of Blue Laurel, a strategic partner of Dubai FDI that helped arrange the initial meetings between the two parties, said, "This MoU is an important milestone in deepening relationships and building bridges between Israel and Dubai; both as a platform for local shared industrial activities and for reaching, together, into emerging markets. It is a framework for initiating and scaling cooperation that will help harness the complementary business and industrial energies and activities in Israel and the UAE."
Dubai FDI has already organised and conducted a series of industry-specific investment webinars with potential Israeli investors in the sectors of healthcare, technology, and food and agribusiness to explore the vast opportunities and partnerships that Dubai offers in these sectors. More such missions are on the cards for 2021.
Dubai has positioned itself as the City of the Future, an effective gateway to the region’s emerging markets, and a global hub for trade and investment.
Al Gergawi said, "As a connected smart city, Dubai has been at the forefront of rolling out strategic initiatives and innovation across sectors. This enhances the emirate’s preparedness to respond to investor needs and ensure investment flows. Dubai continues to enjoy a global reputation for being a diverse, stable, and secure economy that nurtures innovation and remains future-ready as a matter of policy."
Dubai’s future-ready infrastructure connects businesses to a vast market of 2.4 billion consumers in the middle East, Africa, Indian Subcontinent, and CIS. Dubai taps into several strategic advantages to deliver excellence, such as the world’s ninth-largest container port, one of the world’s largest airlines connecting over 150 destinations, and an ultra-modern transportation and distribution network. Dubai’s futuristic vision and preparedness has also positioned it as one of the world’s most important economic nodes, where wealth and talent are nurtured.
As one of the most business-friendly economies in the world and a preferred investment destination for foreign capital, Dubai and the UAE lead the MENA region on the World Bank’s Ease of Doing Business rankings. The country ranks 16th globally among 190 countries.
Related Topics
Recent Stories
Punjab CM Maryam Nawaz in police uniform at Chung police center
Currency Rate In Pakistan - Dollar, Euro, Pound, Riyal Rates On 25 April 2024
Today Gold Rate in Pakistan 25 April 2024
Mired in crisis, Boeing reports another loss
Session Awarding Ceremony 2024 held at Cadet College Muzaffarabad
Austrian ski great Hirscher to make comeback under Dutch flag
Pakistan, Japan agrees to convene 'Economic Policy Dialogue'
FM Dar conveys deepest sympathy on torrential rains devastation in UAE
Spain PM Sanchez says weighing resignation after wife's graft probe
Tennis: ATP/WTA Madrid Open results - 1st update
Long-lost Klimt portrait auctioned off for 30 mn euros
Osaka seals first win on clay since 2022 in Madrid
More Stories From Middle East
-
UAE announces ‘Zero Bureaucracy Program’ to reduce bureaucracy
3 months ago -
COP28 President-Designate welcomes Transitional Committee agreement to operationalise Loss and Damag ..
6 months ago -
Global Media Congress 2023 to feature Co-Production Majlis as a new networking platform
6 months ago -
Young female athletes shine at Abu Dhabi World Youth Jiu-Jitsu Championship
6 months ago -
King of Jordan receives Abdullah bin Zayed and ministers participating in Arab coordination meeting
6 months ago -
Abdullah bin Zayed participates in coordination meeting of Arab foreign ministers, joint meeting wit ..
6 months ago
-
3rd annual conference of Emirates Society of Clinical Microbiology kicks off in Dubai
6 months ago -
SIBF 2023 hosts Nobel laureate to discuss emergence of ‘Afrofuturism’ in global discourse
6 months ago -
ALC announces winners of Kanz Al Jeel Award 2023
6 months ago -
SIBF turns spotlight on remarkable contributions of women
6 months ago -
Global assets in spot bitcoin ETFs hit $4.16 billion
6 months ago -
Rescuers struggle to find Nepal quake survivors as deaths reach 157
6 months ago