Picture used for illustrative purpose. File
The start of the engagement between UAE and Israel is set to be a turning point in the economic and investment relationship between the two countries with mutual trade expected to grow to Dhs15 billion in the next few years, generating more than 15,000 jobs, said Sultan Bin Sulayem, DP World Group Chairman & CEO and Chairman of Dubai’s Ports, Customs and Free Zone Corporation.
According to Dubai Customs statistics, the emirate’s trade with Israel in the last five months (Sep 2020 -Jan 2021) reached a value of Dhs1 billion and a volume of 6.217k tonnes. Of this, imports were valued at Dhs325 million (718 tonnes), exports at Dhs607million (5.4k tonnes), and transit trade at Dhs98.7million (52.4 tonnes).
In the light of this exceptional growth, Sultan bin Sulayem believes opening new markets and stimulating mutual trade between Dubai and Israel will encourage companies to increase production, leading to greater economic growth and more job creation.
“The expansion of trade and investment between the two sides will benefit not only the business communities in the UAE and Israel, but also other stakeholders and business communities in the Middle East. This growth supports the vision of His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, to forge closer cooperation and cross border partnerships with markets around the world,” said Bin Sulayem.
DP World signed an agreement with Israel’s Leumi Bank last September to facilitate trade and logistics services between the two sides, which will promote trade flows in the region. DP World also signed a series of cooperation agreements on cargo, port and free zone development with Israeli company Dovertower, as part of which they are launching a joint bid to privatise Haifa port.
The agreement will enable DP World to contribute to facilitating trade between private businesses of the two countries. These agreements will also open a window for Drydocks World-Dubai to develop the Israeli dry docks and handle refurbishment projects.
Israel has expressed its interest in leveraging Jebel Ali Port as a re-export hub for Israeli products to enable it to easily access neighbouring fast-growing markets such as India, Pakistan, Bangladesh and Sri Lanka, which have a combined population of more than 2 billion.
Ahmed Mahboob Musabih, Director General of Dubai Customs, stated that the volume of Dubai’s seaborne trade with Israel amounted to 5.7k tonnes (Dhs82.8 million), while airborne trade reached 423kg (Dhs948.6 million).
Dubai’s main imports from Israel include vegetables and fruits, diamonds and flat screens, hi-tech devices, and medical and mechanical devices, while exports include diamonds, smart phones, engine spare parts, perfumes and lubricants.
Ahmed Mahboob Musabih stated that Dubai and Israel can both generate new growth opportunities by virtue of possessing exceptional competitive advantages that place them in a good position to promote win-win cooperation between each other’s business communities.
“Expo 2020 is a golden opportunity for Israel to introduce its services, products and opportunities to the world. We also look forward to Israel’s participation in the 5th WCO AEO Conference, to be organised by Dubai Customs in coordination with the World Customs Organisation and the Federal Customs Authority.
The event, expected to attract more than 2,000 customs, trade, AI, and e-commerce experts, will highlight the UAE’s status as a leading player in global trade.
Dubai’s non-oil foreign trade strongly rebounded from the challenges posed by the global economic repercussions of COVID-19 and the suspension of business activity by countries across the world in the first half of last year to record high growth in 2020.
Strong incentives for UAE investors to target the Israeli high-tech market are underlined in a first of its kind report published on Sunday following record investment activity and growth in 2020, despite the COVID-19 pandemic.
In 2020, Dubai external trade made Dhs1.182 trillion, and the weight touched 100 million tonnes. Last year, exports grew 8% to Dhs167b despite the hard challenges posed by the spread of COVID-19. Imports reached Dhs686b and re-exports totaled Dhs329b.
Sheikh Nahyan Bin Mubarak Al Nahyan, Minister of Tolerance and Coexistence, Cabinet Member, and Commissioner General of Expo 2020 Dubai,
Expo 2020 Dubai is serving up a new culinary experience for visitors, with the Rising Flavours Food Hall, inspired by the countries of the GCC,
The UK Office for Investment (OfI) and Abu Dhabi’s Mubadala Investment Company, on Thursday signed an agreement at Downing Street