December 2nd, 1971: the rulers of Abu Dhabi, Dubai, Sharjah, Umm al-Quwain, Fujairah and Ajman reached an agreement to formally establish a federation to be known as the United Arab Emirates (UAE). The seventh emirate, Ra’s al-Khaimah, acceded the following year.
December 2nd, 2021: fifty years later the vision of the founding father of the UAE Sheikh Zayed bin Sultan Al Nahyan came to reality as the nation is now a regional leader and one of the most prosperous and well-run nations in the world characterized by economic and political stability, innovation as well as social and religious tolerance.
Israel can provide the technological know-how to the UAE which in turn, is a huge market and a gateway for Israeli companies to GCC countries, Middle East, Africa and even South Asia
Aviad Tamir, Head of Israel Trade Office to the UAE
One year ago, another historic agreement was signed that involved the UAE and further promoted regional peace, prosperity and development – the Abraham Accords. “Since the signing of Abraham Accords the two nations’ trade volume stands at US$700 million and is expected to reach US$1 billion by the end of 2021” said Aviad Tamir, Head of the newly established Israel Trade Mission to the UAE. “The UAE is a diversified economy, the largest economy in the Arab world after Saudi Arabia, a market which imports billions of dollars of goods every year, heavily service-oriented and with investments in Technologies. Then you have Israel, a world leader in Technology and Innovation, ranking first in Unicorns per capita. Hence, Israel can provide the technological know-how to the UAE which in turn, is a huge market and a gateway for Israeli companies to GCC countries, Middle East, Africa and even South Asia” he added.
Since the Abraham Accords are in place, Dubai has attracted almost AED 1 billion in FDI from Israel, which is a fantastic success story itself
Fahad AlGergawi, CEO of Dubai FDI,
“The Abraham Accords are certainly a milestone in the historic development between the UAE and Israel. We have seen an increasing number of visitors from Israel to Dubai, in both tourism and business-related travel. We have already signed an MoU with the Manufacturers’ Association of Israel (MAI), as Manufacturing is one of the main priority sectors for investors in Dubai” added Fahad AlGergawi, CEO of Dubai FDI, Dubai’s Investment Development Agency. “Exchanging knowledge between the two locations in Healthcare, Technology and Innovation is crucial for the success of this partnership. Since the Abraham Accords are in place, Dubai has attracted almost AED 1 billion in FDI from Israel, which is a fantastic success story itself” he highlighted.
ADGM has signed agreements with Bank Hapoalim – one of Israel’s largest banks – and with the Israel Securities Authority to create a bridge for business to flow between both jurisdictions
Juma Al Hameli, Chief Strategy & Business Development Officer of Abu Dhabi Global Market (ADGM)
In addition, following the rapid digitalization caused by the covid19 pandemic, the nation’s well-organized Fintech ecosystem has drawn interest from its counterpart in Israel, which is known for being one of the best in the world. “Following the Abraham Accords, Israeli Fintech companies are now able to move in the UAE and expand regionally. When we signed the Abraham Accords with Israel, we were very excited as this opened the door to an undeniably strong market,” explained Juma Al Hameli, Chief Strategy & Business Development Officer at Abu Dhabi Global Market (ADGM), the international financial centre of the capital Emirate. “Following this development, ADGM has signed agreements with Bank Hapoalim – one of Israel’s largest banks – and with the Israel Securities Authority to create a bridge for business to flow between both jurisdictions.”
Following the Abraham Accords, we invite our Israeli friends and colleagues to join our humanitarian Freezone so we can both work towards providing a unified emergency response to the people in need around the globe
Guiseppe Saba, CEO of International Humanitarian City (IHC)
Aside from business, the UAE is also a global leader in humanitarian aid. Its strategy is spearheaded by the International Humanitarian City (IHC), the world’s largest humanitarian hub, which is an extension of the Dubai government. “IHC was founded with the mission to provide home to the global humanitarian community with clear objectives to assist humanitarian organizations in providing international assistance during emergencies,” said Mr. Giuseppe Saba, the CEO. We are the only non-profit free zone in the UAE, hosting 87 different organizations such as the World Food Programme (WFP), the World Health Organization (WHO), UNICEF, the International Federation of Red Cross and Red Crescent Societies, United Nations as well as NGOs and related commercial companies that work closely with those organizations” he explained. “Following the Abraham Accords, we invite our Israeli friends and colleagues to join our humanitarian Freezone so we can both work towards providing a unified emergency response to the people in need around the globe.”