UAE and Israel discuss cooperation in infrastructure, transportation fields

Suhail Al Mazrouei, UAE Minister of Energy and Infrastructure, virtually met on Thursday with Miri Regev, Israeli Minister of Transportation and Road Safety, in order to reinforce the bonds of cooperation between the two countries as part of the Abraham Accords between the United Arab Emirates and Israel.

During the meeting, which was attended by high-level officials from the two ministries, both sides discussed cooperation in the fields of smart transportation and transport integration, in which the two countries have taken steps to raise transport efficiency and achieve sustainable development goals. The two sides also discussed future trends and plans in the shift towards the use of autonomous and environmentally friendly vehicles, which support the aspirations of the two governments with regards to improving road safety and security by ensuring traffic safety and reducing pollution.

During the meeting, joint cooperation in developing legislation related to infrastructure, maritime, and land transport, as well as the exchange of experiences in the field of rail transport, was discussed, in addition to ways to enhance bilateral cooperation in the activities related to the World Maritime Organisation within the framework of the Ministry’s aim to exchange knowledge and expertise and strive for continuous development with partners to shape the next fifty years of ambitious achievements.

The two sides affirmed the role of the Abraham Accords in opening new horizons for prosperity and comprehensive and sustainable development and looked forward to the coming days of development, growth, and prosperity in all fields, including in the energy, infrastructure, and transportation sectors. These sectors form the backbone of comprehensive development of the two countries’ national economies. The two sides welcomed bilateral field visits to become acquainted with best practices and pave the way to explore additional opportunities for cooperation.

For her part, Miri Regev said that there are 17 national companies in the State of Israel through which joint work can be reinforced in the fields of railways, express trains, and infrastructure projects. Regev invited the Emirati side to learn about the experiences of the national companies and exchange skills, as well as discuss opportunities for cooperation.

Suhail Al Mazrouei said, “The UAE is keen to keep pace with global advancements and developments, and to benefit from future technologies in various stages of its work in order to enhance its position and achieve global leadership up to the UAE Centennial 2071,” referring to the role of these meetings in advancing the aforementioned sectors; stimulating economic growth, enhancing technological innovation, and strengthening the relationship between the two countries in a way that serves common interests.

Meanwhile in an earlier landmark agreement, the export credit agencies of UAE and Israel have signed a cooperation agreement to develop economic relations between the two countries, broadening the export financing possibilities for their exporters.

Etihad Credit Insurance (ECI), the UAE Federal export credit company, and The Israel Foreign Trade Risks Insurance Corporation (ASHR’A) have agreed to jointly create a strategic cooperation in supporting exports, trade and investment; explore new business opportunities; and forge collaborations in technical assistance, training, and capacity building in both countries.

Multiple advantages from this agreement for exporters from both countries can be summarized, starting from cooperation between the export credit companies to ease access to export credit facilities and non-payments risk mitigation, as well as access to both market key sectors like agriculture, water treatment, renewable energy, medical and health care, aluminium, steel, cables, petrochemicals, technology.

The Memorandum of Understanding (MoU) was signed by Massimo Falcioni, CEO of ECI and Nissim Ben Eli, CEO of ASHR’A. This follows the historic signing of the Abraham Accords, which paves the way for the advancement and strengthening of ties of UAE-Israel economic, political and cultural affairs.

Falcioni said: “This first-of-its-kind agreement between the export credit agencies of UAE and Israel is a result of the giant leap for sustainable peace taken by our visionary leaders through the Abraham Accords. The historic agreement is now ushering a fresh start of economic relations, and on this front, ECI is beyond confident that this alliance will be a game changer in terms of generating an efficient exchange of expertise that would bolster the trade and export communities of our respective countries.”

Ben Eli said: “We are pleased to sign this MoU with ECI, as it reflects the fruitful efforts of Israel and the UAE to forge a strong bilateral cooperation, which serves as a global model for partnerships that will benefit various businesses. With state guarantees from both countries, this deal will encourage exports and investments, help minimise political and commercial risks, and raise export financing for the mid- and long-terms.”