Israeli business delegation explores opportunities in UAE to boost ties

Business Bureau, Gulf Today

In order to strengthen the economic relations between the UAE  and Israel, the Dubai Chamber of Commerce and Industry, on Monday received a high-level business delegation led by the Federation of Israeli Chambers of Commerce (FICC), to discuss prospects for developing  trade and investment ties between the two countries.

The delegation’s visit, part of a trade mission organised this week by Dubai Chamber, aims at familiarising the Israeli businessmen with Dubai’s economy, business environment and competitive advantages.

The visit was in alignment with Dubai Chamber’s efforts to maximise opportunities for Dubai’s dynamic private sector, create fertile ground for investments from local, regional and international stakeholders, and provide education and skills training that enhances the capacity of its members to do business.

Throughout the week, delegation will meet with officials from Dubai Exports, Dubai Airport Free Zone, Dubai South, Expo 2020 Dubai, Jebel Ali Free Zone, DP World, Dubai Future Foundation, Dubai World Trade Centre and Dubai Multi Commodities Centre, and also visit the Sheikh Mohammed Centre for Cultural Understanding.

The delegation, headed by Uriel Lynn, President of FICC, is joined by David Castel, CEO, Haifa Chamber of Commerce, FICC; Amir Shani Vice President, FICC; Ze’ev Lavie, VP International Relations Division & Business Development, FICC; Adiv Baruch Chairman, Israel Export & International Cooperation Institute; Gadi Ariely Director General Israel Export & International Cooperation Institute; Sabine Segal, Deputy Director General for International Business Affairs Israel Export & International Cooperation Institute; and Avshalom Vilan Secretary General, Israel Farmers’ Federation.

The delegation was received by Hamad Buamim, President & CEO of Dubai Chamber, and Dubai Chamber officials and directors. During the meeting, Buamim expressed his optimism about the prospects for developing and expanding Dubai-Israel trade and noted that there is huge potential for companies on both sides to forge mutually beneficial partnerships and capitalise on new market opportunities.

Growing demand for high-tech, medical and pharmaceutical and electronic products in the UAE is creating plenty of investment opportunities, which Israel companies can benefit from, given their strong expertise and advance solutions in these fields, Buamim noted.

Sustainable agriculture, food security, banking, fintech, cybersecurity and space economy have also been identified as high-potential areas where the UAE and Israel can build new partnerships, he noted.

Dubai Chamber’s President & CEO elaborated on the vast competitive advantages that Dubai can provide Israeli companies as a strategic as trade hub that can offer easy access to emerging markets across the GCC, Africa and Asia. In addition, he highlighted Dubai’s strengthening position as a preferred market for startups from around the world, and added that the emirate continues to introduce new business incentives to attract innovative entrepreneurs and top talent, including long-term residency visas, and more recently, a virtual work visa.

For his part, Uriel Lynn, President of the Federation of Israeli Chambers of Commerce, described the visit as an important step towards developing UAE-Israel trade relations, promoting mutual understanding and facilitating cross-border cooperation across several economic sectors of mutual interest.

The trade mission comes only two months after Dubai Chamber and Tel Aviv Chamber of Commerce, represented by the Federation of Israeli Chambers of Commerce, signed a strategic partnership agreement, which paved the way for bilateral economic cooperation.

Under the terms of the agreement, both chambers will produce a joint study identifying synergies and sectors of mutual interest; create a roadmap of virtual events; commit to organising a business delegation and mutual visits; host a joint business forum; and support new businesses, startups, and scale-ups with readily available resources and programmes.

The Dubai Chamber of Commerce & Industry is a non-profit public entity, whose mission is to represent, support and protect the interests of the business community in Dubai by creating a favourable business environment, supporting the development of business, and by promoting Dubai as an international business hub.