The Dubai Investment Development Agency, known as Dubai FDI, has signed a memorandum of understanding with the Manufacturers' Association of Israel "to explore collaborations for promoting cross-border business and investment opportunities," UAE state media reported.
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According to the Dubai Economy Department, the MoU aims to boost business ties and investment opportunities between the two countries, which signed a historic peace deal in September 2020.
Such collaborations would help "establish a mutually-beneficial and collaborative relationship to support potential business links as well as investment and promotional activities," the report said.
According to available details, the MoU outlines the groundwork necessary for generating investment and trade opportunities through information exchange and joint promotional activities.
Bilateral trade between Israel and the United Arab Emirates is expected to reach more than $3.8 billion within three-to-five years.
Dubai FDI CEO Fahad Al Gergawi said that inking the MoU was "writing a success story of business and investment partnerships between Israel and Dubai, based on the determination and sincere desire of both sides to strengthen bilateral relations. We will help each other identify various sectors and opportunities from which the business communities in both economies can benefit."
MAI President Dr. Ron Tomar, said, "The peace agreement between the two countries has created an extraordinary opportunity to develop Israel's ties with the countries of the region. Our leaders paved the way, and now it is for us – the business leaders – to step in and ensure that both communities shall walk that way and reach fruitful and beneficial mutual results.
"I recently visited the UAE and met wonderful people, who are interested and strongly believe in a real partnership. This is also my personal goal, and the goal of the agreement, which I am excited to sign - to create a long-term partnership between the two countries, which will help to develop the trade and the economy in the region.
"Israel can serve as the new gate of the Gulf states to the West, and the United Arab Emirates can serve as the new gate of Israel to the Gulf states and Asia, and together we will promote the vision of peace, brotherhood and cooperation," he said.
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