DUBAI, ISRAEL TRADE REACHES $272 MLN IN FIVE MONTHS

Sun 31 January 2021:

The trade between Dubai and Israel has reached 1 billion dirham ($272 million) over the last five months, the Dubai media office said on Saturday.

Israel and the United Arab Emirates agreed in August to normalize diplomatic relations.

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.

.@DubaiCustoms : #Dubai’s trade with Israel in the last 5 months (Sep 2020-Jan 2021) reached a value of AED1 billion & a volume of 6.217k tonnes.https://t.co/hYBp0axRDd pic.twitter.com/2AdAZ2uTV9

— Dubai Media Office (@DXBMediaOffice) January 30, 2021

“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.

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, Bangladesh and Sri Lanka, which have a combined population of more than 2 billion.

In September, Israeli Intelligence Minister Eli Cohen told Israel’s Reshet Bet radio station that Annual trade between Israel and the United Arab Emirates is expected to reach $4 billion.

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.

Last year the UAE and fellow Gulf state Bahrain became the first Arab nations in a quarter-century to sign deals establishing formal ties with Israel, forming a new axis in the Middle East.

The UAE has taken criticism from within the Arab and Muslim world over its decision to forge ties with Israel, with Palestinians saying the agreement ignores their rights and does not serve the Palestinian cause. The deal broke decades of Arab consensus that there would be no normalization of relations with Israel until it had made peace with the Palestinians.

FOLLOW INDEPENDENT PRESS:

TWITTER (CLICK HERE)
https://twitter.com/IpIndependent