The number of Israeli companies operating in the UAE is expected to double over the next year, according to the president of the UAE-Israel Business Council (UIBC). “With bilateral trade expected to exceed $1 billion in 2021, $3 billion in three years, and over 500 Israeli companies [currently] importing, exporting and operating in the UAE,
The number of Israeli companies operating in the UAE is expected to double over the next year, according to the president of the UAE-Israel Business Council (UIBC).
“With bilateral trade expected to exceed $1 billion in 2021, $3 billion in three years, and over 500 Israeli companies [currently] importing, exporting and operating in the UAE, we expect over 1,000 Israeli companies to be active in the UAE by this time next year,” said Dorian Barak, president and co-founder of UIBC in comments published by state news agency WAM.
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The global Covid-19 pandemic could be the only barrier to further growth in bilateral economic relations, he added in an interview on the occasion of the first anniversary of the historic Abraham Accords (pictured below).
The US-brokered deal normalised diplomatic relations between the UAE and Israel, which paved the way for Israel establishing diplomatic relations with three more Arab nations – Bahrain, Morocco and Sudan.
Barak said: “The focus of these companies is not just on the UAE, but also on the greater Middle East, the Indian subcontinent and Asia. This parallels a trend we are witnessing with other foreign companies establishing operations in the UAE, a trend that has accelerated during the Covid-19 pandemic due to the country’s capable management of the pandemic.”
The UAE will become a first choice for Israelis looking for a platform to effectively serve the greater Middle East and South Asia, he added.
“There’s no better place to base offshore businesses, in terms of infrastructure, human talent and regulation. In particular, we’ll see Israeli technology companies establish offices in Dubai and Abu Dhabi to serve the UAE and beyond,” said Barak, who is also managing partner of Indigo Global, a venture capital advisory firm.
He also said that about 200,000 Israelis have visited the UAE over the past year, with Abu Dhabi and Dubai expected to be the region’s destinations of choice for Israelis in the winter months.
Talking about Expo 2020 Dubai, he said it is an “excellent opportunity” for Israelis to learn more about the UAE and vice-versa.