Dubai's international chamber of commerce announced plans to open a representative office in Tel Aviv to aid bilateral trade and investment.
Follow Israel Hayom on Facebook, Twitter, and Instagram
In a statement, the Dubai International Chamber said the office would help Israeli companies leverage their operations in the United Arab Emirates to expand their reach in the global market across the Arab Gulf, Africa, and Asia.
Following the signing of the Abraham Accords that normalized ties, trade between the UAE and Israel has grown significantly, reaching $885 million in 2021. Between August 2020 and December 2021, bilateral trade reached over $1 billion.
The statement was issued at a meeting held last week between Dubai International Chamber President Hamad Buamim and Economy and Industry Minister Orna Barbivai and attended by the head of the ministry's Foreign Trade Administration Ohad Cohen, Israeli Ambassador to the UAE Amir Hayek, and a number of representatives from both countries.
The announcement follows the chamber's adoption of a new, three-year strategy to bolster Dubai's role as a global business hub and a desirable market for multinational companies.
In a statement, Barbivai said: "Last week, on behalf of the Government of Israel, I signed the CEPA [Comprehensive Economic Partnership Agreement] between Israel and the UAE. In a meeting I conducted later on with HE Hamad Buamim, President and CEO of Dubai Chambers, His Excellence Hamad Buamim announced our mutual goals to bring about rapid promotion of economic cooperation." She said the agreement reflected both countries' strong commitment to strengthening economic ties and forging new business opportunities.
Buamim said that "by expanding our presence into Israel, we will be well-positioned to achieve the objectives of the Comprehensive Economic Partnership Agreement signed by the UAE and Israel, build new bridges between the two business communities and boost non-oil trade to reach $10 billion annually within the next five years."
Subscribe to Israel Hayom's daily newsletter and never miss our top stories!
