The trade between Dubai and Israel has reached 1 billion dirham, or $272 million, over the last five months, the Dubai media office said on Saturday.
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Israel and the United Arab Emirates agreed in August to normalize diplomatic relations, giving an immediate boost to a slew of business deals and agreements.
The amount includes around 325 million dirham ($88.5 million) of imports and 607 million dirham ($165.3 million) of exports, the statement said.
Exports to Israel were almost twice as high in terms of volume as the imports, standing at roughly 60% and 30% of the total, respectively.
Transit flow of goods accounted for another one-tenth of the total trade volume.
Dubai's exports were dominated by lubricants, perfumes, engine spare parts, smartphones and diamonds – the key imports, along with mechanical and medical tech, flat screens, electronics, and agricultural goods.
The report cited Sultan bin Sulayem, head of DP World Group and chief of Dubai's Ports, Customs and Free Zone Corporation, as saying that the trade with Israel was projected to grow to 15 billion dirhams – just over $4 billion – in the coming years.
"'The expansion of trade and investment between the two sides will benefit not only the business communities in the UAE and Israel, but also other stakeholders and business communities in the Middle East," bin Sulayem said.
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