Bilateral trade between the UAE and Israel has increased to more than $2.5 billion within less than two years of the Abraham Accords, according to Dr Thani bin Ahmed Al Zeyoudi, the UAE Minister of State for Foreign Trade.
Speaking during a panel discussion on the sidelines of the World Economic Forum (WEF) in Davos, Switzerland, Dr Thani Al Zeyoudi added that the Abraham Accords presented a huge opportunity for increased medical technological advancement and collaboration.
Adding that the UAE is keen to engage with and capitalise on Israel’s strong healthcare sector, Dr Thani said: “In the first quarter of this year, we exceeded $1 billion. Two years ago, we announced $3 billion of R&D funds for more engagement in the region. We are also about to sign the free trade agreements, sending a strong message that the potential is high and concrete projects are happening.”
On September 15, 2020, the US, the UAE, and Bahrain signed the historic Abraham Accords, recognising the State of Israel and normalising relations between the countries.
The benefits of the historic deal were crucial during the pandemic, experts said while hailing the UAE’s handling of Covid-19 during the panel discussion at WEF 2022.
Dr Thani Al Zeyoudi confirmed that the knowledge exchange between the UAE and Israel during the pandemic was an excellent example of bilateral cooperation.
“There was a medical exchange between both the countries during the pandemic and work was done on research on the virus, the vaccine, etc. It expedited many things and we saw some concrete outcomes impact the control of the Covid-19 within the UAE,” Dr Thani said.
The panel discussion moderated by Suzanne Kianpour, the foreign affairs and political journalist at BBC, also featured Dr Shamsheer Vayalil, the chairman and managing director of VPS Healthcare, and Itamar Rabinovich, former ambassador of Israel to the US and former President of the Tel Aviv University.
Praising the collaboration and cooperation between Israel and the UAE, Rabinovich added that tangible action should also be taken to maintain the momentum.
“The UAE participated in a very important project, where we are producing both water and electricity in Jordan. The UAE plays a crucial role in this project. The relationship has begun well and is proceeding well. But it is not going to develop well, if unattended. The leadership of both countries need to mend, monitor, and develop it further,” he added.
Abraham Accords benefit the UAE health sector
The UAE healthcare sector is one of the biggest beneficiaries of the Abraham Accords, Dr Shamsheer said during the panel discussion.
“Health is one of the biggest bridges that can bind nations and people. We have seen a lot of bilateral movements between Israeli research companies and research organisations. The next big disruption can come through some of these research collaborations,” Dr Shamsheer said.
“The opportunities are getting bigger because of the capital pool in Abu Dhabi and the research talent from Israel. As a healthcare company, we are very excited to be a part of this time in the relationship.”
Dr. Shamsheer also explained how the UAE set a new model through proactive initiatives and interventions during the pandemic.
“I remember a speech by Sheikh Mohammed bin Zayed Al Nahyan, President of the UAE, ensuring no person living in the country would be left short of medicine or food. I think that was a good start. We were all enthused by the commitment; we were all part of that fight against Covid-19. The UAE set a new model of public-private partnership during the pandemic, and it has the potential to go around the world,” he said.
Dr Shamsheer also went to the extent of saying that the Abraham Accords could possibly culminate in a Nobel Prize, given the close relationship between two great nations.
“I am very optimistic,” he concluded.
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