The Israel Export Institute has signed an agreement with the Dubai World Trade Centre (DWTC), one of the region’s leading and significant business networking destinations in the UAE.
The agreement includes cooperation and participation in international conferences and large-scale exhibitions, organizing and exchanging business delegations between the countries, and support in realizing the significant business opportunities that exist in both countries.
The agreement is the outcome of cooperation between the Israel Export Institute and Israel’s Ministries of Economy and Foreign Affairs, which are actively engaged in the promotion of Israeli industry following the recent signing of the peace treaty with the UAE.
The Israel Export Institute, responsible for Israeli participation in international exhibitions, will now take on this role for the first time in the Gulf States.
The commercial potential of agreements with the United Arab Emirates (UAE) is estimated at $500 million per annum across a number of key sectors including technology, agriculture, foodtech, cyber, medical fields, and more.
DWTC hosts and organizes some of the world’s most renowned mega-events and exhibitions, and is an influential knowledge-sharing platform with prominent events spanning diverse sectors including technology, foodtech, cyber and lifestyle.
Fueled by Dubai’s reputation as a strategic regional business and financial hub, DWTC serves as a leading destination for international conferences and trade fairs, as well as a multi-faceted ecosystem that supports the growth of businesses across the Middle East, North Africa and South Asia (MENASA) region.
DWTC’s innovative and expansive portfolio has continued to redefine the region’s MICE industry and has also driven new areas of economic growth and investment into Dubai and the UAE.
Abdulla bin Touq Al Mari, UAE Minister of Economy said that “the historic signing of the Abraham Accords agreement has opened new avenues for strengthened collaboration and exchange between the UAE and Israel. It has also established a framework for bilateral trade and economic ties to flourish between both States. Partnerships such as the one between the Dubai World Trade Centre and the Israel Export Institute will have a wide-reaching positive impact, as 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.”
Amir Peretz, Israel’s Minister of Economy and Industry stated that “the fruits of peace are ripening faster than imaginable.”
The trade agreement with the Dubai World Trade Centre is the first step towards a comprehensive trade agreement to be signed within the coming weeks between the Ministry of Economy and the UAE Government. The agreement will cover a wide range of areas that could bring billions of dollars into the Israeli economy.
“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,” Peretz added.
Several Israel and UAE ministers and companies have already held conversations and have established a working relationship.
Israel, the UAE and Bahrain signed a historic peace agreement at the White House last month, the first agreement to be signed between Israel and an Arab country in 25 years.
The UAE is the first major Arab state to recognize Israel since the Israel-Jordan Peace Treaty was signed in October 1994.
Announced on August 13, the Abraham Accords is the first between a Gulf state and Israel and is expected to lead to similar agreements with other Arab countries, possibly Oman or Saudi Arabia.