The Israel Export Institute and the Dubai World Trade Center (DWTC) have signed an agreement to facilitate the participation of Israeli exhibitors in large-scale exhibitions by year’s end.
The accord is a first step toward a “comprehensive” trade agreement that will be signed in the coming weeks between Israel and the United Arab Emirates government, Amir Peretz, Israel’s minister of economy and industry, said in a statement on Monday.
The export potential to the UAE is estimated at $500 million per year across a number of key sectors including technology, agriculture, food technologies, cybersecurity and the medical sector, the statement added, citing Israeli government estimates.
The Monday agreement includes cooperation and participation in international conferences and large-scale exhibitions, organizing and exchanging business delegations between the countries, and support in realizing the “significant business opportunities” that exist in both countries, the statement said.
The accord was made possible after Israel and the UAE last month signed the Abraham Accords, which normalize relations and establish diplomatic ties between the sides.
The Israel Export Institute, responsible for Israeli participation in international exhibitions, will now take on this role for the first time in the Gulf States.
DWTC serves as a leading destination for international conferences and trade fairs, as it hosts and organizes some of the world’s mega events and exhibitions, spanning diverse sectors including technology, foodtech, cybersecurity and lifestyle. The organization also serves as an ecosystem to support the growth of businesses across the Middle East, North Africa and South Asia.
“The historic signing of the Abraham Accords agreement has opened new avenues for strengthened collaboration and exchange between the UAE and Israel,” said Abdulla bin Touq Al Mari, UAE minister of economy, in the statement. “It has also established a framework for bilateral trade and economic ties to flourish between both States.”
The collaboration agreement with the Israel Export Institute marks “the commencement of a meaningful long-term trade and business relationship between the UAE and Israel,” said Helal Saeed Almarri, director general of the Dubai World Trade Centre Authority (DWTCA) and Dubai’s Department of Tourism and Commerce Marketing (DTCM), in the statement.
“The trade agreement with the Dubai World Trade Centre is the first step towards a comprehensive trade agreement to be signed within the coming weeks between the Ministry of Economy and the UAE Government,” said Peretz, Israel’s minister of economy and industry. “The agreement will cover a wide range of areas that could bring billions of dollars into the Israeli economy.”