Jafza and the Federation of Israeli Chambers of Commerce (FICC) Have Signed a Memorandum of Understanding (MOU) Following the Normalisation of Relations Between the UAE and Israel. It Is Intended to Support Businesses and Encourage Economic Cooperation, With Sultan Ahmed Bin Sulayem, Group Chairman and CEO of DP World, and Uriel Lynn, President, FICC, Signing the Agreement Virtually.
“In the first quarter of 2020, the UAE’s GDP amounted
to AED 368.52 billion”
As part of the MOU, both nations will deploy all efforts to boost the expansion of contacts and foster new ties between partners of the UAE and Israel with an aim to promote trade. Both Jafza and the FICC will also share crucial information about new developments regarding economic relations between the countries, including regulations and plans, and possibilities in terms of economic planning.
A Trailblazing Move
Emphasising the significance of this endeavour, Sultan Ahmed Bin Sulayem explained: “The recent development in the UAE’s and Israel’s bilateral agreements
has opened up new avenues in an array of sectors. We at DP World, welcome this trailblazing move that will provide boundless growth opportunities. The establishment
of direct ties between two dynamic and advanced economies in the Middle East will undoubtedly provide impetus to economic growth, transforming the business landscape in the UAE. Israel has phenomenal innovation and technological capabilities, whereas the UAE holds a prime position in the world of global trade and is one of the greatest business hubs in the world. “According to the World Bank, the UAE is ranked fifth in the world with a gross domestic product purchasing power per capita of $74,000 (AED 271,580). And our growth figures demonstrate this. In fact, in the first quarter of 2020, the country’s GDP amounted to AED 368.52 billion. We are hopeful that these figures will see a significant rise as this alliance has tremendous potential. We are optimistic that this agreement will bolster businesses and amplify trade in the UAE, Israel, and the wider region.”
“The Diplomatic Breakthrough Has Paved a Way to Spur Economic Growth in Both Countries”
SULTAN AHMED BIN SULAYEM, Group Chairman and Ceo of Dp World and Chairman of Ports, Customs and Free Zone Corporation
A Historic Event
“The signing of the MOU with Jafza is a historic event that will go down in history as an example what can be achieved in our world if two countries are bent on creating more prosperity for their people. It will be a mutually advantageous for Dubai and the Israeli business community, as more businesses will utilise the developed facilities and services in Jafza and create a bridgehead for the Israeli business sector to enhance its foreign trade in products and services.
Adv. Uriel Lynn, President, FICC
“The message of peace will take a form of working together for the people of both countries.The diplomatic breakthrough has paved a way to spur economic growth in both countries. Trade ties will definitely benefit both sides as Israel and the UAE have an enviable list of achievements and great potential, and we hope to utilise this prowess to boost growth. We share a similar outlook with Jafza, regarding opportunities and the commitment to promote economic stability. Our main goal is to create a forum to promote economic cooperation and create new opportunities for businesses in both countries. Strengthening business ties and enhancing collaboration over time is also one of the primary objectives. We hope this partnership will propel both countries to an all-new level of prosperity.”
This historic agreement will see both the UAE and Israel exchange information on prospects for market research, trade fairs and exhibitions and trade missions organised in their respective countries. They will also collaborate in organising lectures, symposiums and other events that enhance economic relations between the countries.