Economy

The Biden administration is supportive of the historic peace treaty but it does not appear enthusiastic about appropriating the funds to see it flourish.

The prime minister pledges to clear regulatory hurdles to cut cost of living and help Israel's small, medium-size businesses, as well as its high-tech sector, flourish. PM: We want to make it easy and compelling to open a business and succeed.

The new plan will allow the government to collect more taxes from international companies that sell products to Israelis. The initiative to cancel the exemption from taxes on purchases from overseas is also back on the Finance Ministry's agenda.

Cellcom is planning to transform the industry within a decade, shifting most of production from the government-owned Israel Electric Corporation to private companies. 

In first five months of 2021, Israel's rough diamond net exports totaled $755 million, with 6.5% going to United Arab Emirates. Diamond Exchange president: Encouraging figures aside, many diamond traders are struggling.

In months since the announcement of the normalization deal between Israel and the UAE, more than 100 requests have been submitted from Gulf nation, a surge of 400%.

Those attending the Global Investment Forum in Dubai aim to make the most of deepening ties nine months after the two countries agreed to formalize relations.

The treaty is based primarily on the OECD model, says Finance Minister Israel Katz, adding that it "provides certainty and favorable conditions for business activity and will strengthen economic ties” with the UAE.