UAE, Israel sign deal to boost maritime transport sector

The UAE and Israel have signed a Memorandum of Understanding (MoU) on cooperation in the field of maritime transport, exchange of experiences, and strengthening strategic partnership, as part of the Abraham Accords Peace Agreement.

The MoU was signed by Suhail Bin Mohammed Al Mazrouei, the UAE Minister of Energy and Infrastructure, and Merav Michaeli, the Israeli Minister of Transport and Road Safety, in the presence of a number of officials from both sides.

The MoU aims to enhance cooperation between the two countries in the field of transport, especially maritime, and to set a future road map based on mutual benefit, in addition to exchanging experience and knowledge to serve the future directives for the next fifty years.

Al Mazrouei highlighted that the MoU signing reflects the two parties’ interest in promoting cooperation in the field of maritime transport, and the two countries’ keenness to enhance the scope of the bilateral partnership.

The UAE Minister pointed out that the MoU will contribute to anticipating future challenges facing the two countries in the field of transport, as well as launching pioneering initiatives to support this vital sector.

Al Mazrouei said, “The joint action between the UAE and Israeli sides is part of the framework of the two countries’ interest in ensuring permanent economic security, stability and prosperity, and to develop and strengthen sustainable national economies.”

He added, “Both parties believe that boosting bilateral relations would help establish stability and peace in the Middle East, stimulate economic growth, enhance technological innovation and establish closer relations between the peoples of the region.” For her part, Merav said, “Economic and commercial ties build and maintain political relations, and the MoU we signed aims at strengthening maritime transport links between Israel and the UAE, and will allow trade to flow efficiently, quickly and at a low cost. I am proud that the relations between our two countries take another advanced step, allowing us to cooperate more closely and in a way that serves the interests of both sides and strengthens national economies.”

The United Arab Emirates and Israel have recently agreed a Comprehensive Economic Partnership Agreement (CEPA) between the two nations, a deal that will deepen trade and investment ties, accelerate growth and lead to a new era of peace, stability, and prosperity in the Middle East.

A high-level UAE delegation travelled to Israel this week to conclude talks on the CEPA and, following the final round of negotiations, the agreed text is now being finalised ahead of an expected formal signing between the nations’ respective leaders in the coming weeks.

 Dr Thani Al Zeyoudi, UAE Minister of State for Foreign Trade, heralded the deal – which follows the UAE-India CEPA signing in February 2022 – as the latest step in the UAE’s bold trade agenda designed to consolidate the country’s status as a global business hub. “When we signed the Abraham Accords in September 2020 in Washington DC, we also opened a new chapter in regional trade, investment and exchange.