UAE is a ‘growth engine’ for business, says Israeli ambassador

The historic normalisation of UAE-Israeli relations in 2020, known as the Abraham Accords, has led to further cooperation and investment from both countries and has also opened the doors for tourists to visit their once off-limits counterpart.

“There are five reasons why the UAE is the best place to be a growth engine for Israeli companies,” Hayek said at the event for Synaptech Capital, a venture capital fund founded by Israeli Tomer Avnon and UAE-based Obediah Ayton.

Hayek said the UAE has great research infrastructure, capital and partners, human capital, raw materials, and access to markets.

“We can now approach markets that Israeli companies once could not approach, and Israel can bring new markets to the UAE,” he said.

In March, the UAE Minister of Economy Abdulla Bin Touq said that the impact of the Abraham Accords had already been significant – around $1.4 billion.

Hayek is looking towards further cooperation between the nations as the relationship continues to develop.

“I believe that Israeli companies, industrial companies, for example, need to open manufacturing sites in the UAE for the simple reason that the UAE is a growth engine for companies and industries,” he said. “I’m talking about impact industries, like agro technology, foodtech, energy, water, health care, telemedicine, education – everything that can make the world better.”

The UAE has also sought to expand its industrial sector, hoping to turn it into the main driver of the economy. Operation 300bn aims to increase the sector’s contribution to GDP to AED300bn by 2031, more than doubling its current contribution.

Beyond increasing ties, the two countries are looking to closer ties to boost tourism. Dubai’s economy relies heavily on a steady flow of tourists, and around 300,000 Israelis have so far made the trek to the Emirates.

Hayek said, “Now we are waiting for the Emiratis to come.”