Bilateral trade between the UAE and Israel since the signing of the Abraham Accords last year has reached about $675 million, according to figures released by Israel’s Chamber of Commerce (FICC).
The Federation of Israeli Chambers of Commerce has reported that in recent months, the total volume of trade between Israel and the UAE – exports and imports of goods and services – has reached more than $100 million per month.
If current trends continue, it is expected to bring trade by the end of 2021 to around $1.5 billion.
This annual order is similar to that of Israel’s trade dealings with countries such as Russia or Brazil, a statement said.
It added that post Expo 2020 Dubai, this is expected to accelerate with business opportunities increasing due to international trade exposure and moves to promote trade that are still in the pipeline such as a free trade agreement.
Based on the UAE’s trade volume with other non-Arab countries in the region, the FICC said it is likely to see bilateral trade of $5 billion plus within two to three years.
To date, 10 agreements and memorandum of understandings have been signed and ratified or are in the process of ratification, the FICC added.
Ze’ev Lavie, VP, International Relations and Business Development in the International Relations Division at the Federation of Israeli Chambers of Commerce said: “Our main goal is to facilitate business and to create matchmaking opportunities for our members… The FICC is eager to see what additional trade opportunities for both the UAE and Israel, bi-lateral and multi-lateral, will be created or enabled by the Expo Dubai 2020.”
The most recent private sector agreement happened in March when the UAE’s Mubadala bought a $1.1bn stake in an Israeli gas field, he added. Other major private sector trade contributors include Abu Dhabi-based Masdar and Israel’s EDF Renewables signing of a strategic cooperation agreement.
Follow us on
