The Federation of the Israeli Chambers of Commerce (FICC) and the Dubai Chamber of Commerce and Industry launched a comprehensive economic joint study, the first collaborative economic study for both Israeli and Emirati business communities.
The study draws a business road map for future cooperation between both countries.
“The economic study is an integral part of the partnership between both Chambers and a direct result of the strategic partnership agreement that was signed on September this year, followed by a high profile Israeli business delegation to Dubai last week,” the two chambers said in a joint statement on Monday.
Hamad Buamim, President and CEO of the Dubai Chamber, noted that “the study provides valuable insights and market intelligence on potential avenues of UAE-Israel economic cooperation as well as the strengths and opportunities that each country can offer the other.”
Following the normalization of relations through the Abraham Accords, “it is now up to businesses on both sides to capitalize on trade and investment opportunities on the horizon and forge mutually beneficial partnerships that foster innovation and sustainable growth,” he said.
Adv. Uriel Lynn, President of the FICC, added that “the research study clearly indicates the immense potential for future collaboration between the two economies.”
The paper “is an introduction for a better understanding of this potential, outlining the future expansion of mutual import, export and investment.”
In September this year, the Dubai Chamber of Commerce and Industry and The FICC signed a strategic partnership agreement. The MOU paved the way for bilateral economic cooperation, and create fertile ground for investments from local, regional and international stakeholders.
- The study recommends that import tariffs negotiations for strategic products such as gold or diamonds, aluminum, ceramics, medical equipment and pharmaceuticals commence.
- Negotiations for trade agreements and double taxation avoidance between the two countries should also be started.
- Create services that provide Halal and Kosher certificates for companies to boost the food trade should be introduced.
- The two countries should support the opening of tourism agencies in both countries to boost the tourism sector.
- Finally, legal companies should cooperate and exchange legal experience.
Israel, the UAE and Bahrain signed a historic peace agreement at the White House on September 15, the first agreement to be signed between Israel and an Arab country in 25 years.
Announced on August 13, the Abraham Accords is the first between a Gulf state and Israel and is expected to lead to similar agreements with other Arab countries, possibly Oman or Saudi Arabia.
