Business

Dubai, Tel Aviv sign agreement to foster bilateral economic cooperation

Dubai, Tel Aviv sign agreement to foster bilateral economic cooperation

Dubai Chamber of Commerce and Industry and Tel Aviv Chamber of Commerce, represented by the Federation of Israeli Chambers of Commerce, have signed a strategic partnership agreement that paves the way for bilateral cooperation.

Under the terms of the agreement, both chambers will produce a joint study identifying synergies and sectors of mutual interest; create a roadmap of virtual events; commit to organising a business delegation and mutual visits; host a joint business forum; and support new businesses, startups, and scale-ups with readily available resources and programmes.

Other aspects of the partnership cover the chambers' current activities, initiatives, and programmes in areas such as research, networking, arbitration, mediation, education, training, women-in-business, best-practices, sustainability and advocacy.

The partnership also brings benefits for the public and private sector across the Middle East region by opening the door for cross-border collaboration across economic fields. The agreement between the two sides is part of a broader engagement between the UAE and Israel to further peace, dialogue and stability and promote sustainable development .

Hamad Buamim, President and CEO of Dubai Chamber, described the agreement as an important development that will build new bridges between the two business communities and establish a framework for bilateral economic cooperation and mutually-beneficial partnerships.

He noted that the agreement reflects the strong commitment of leaders on both sides to collaborate in a wide range of economic sectors, share knowledge and capitalise on mutual business opportunities. It also reflects the openness of Dubai's economy and the importance its leadership attaches to international cooperation, he said.

Adv, Uriel Lynn, President of the Federation of Israeli Chambers of Commerce and Tel Aviv Chamber of Commerce said: "The declaration for strategic partnership with Dubai chamber of commerce and Federation if the Israeli chambers of commerce (FICC) can be valued only in historical proportions. It is an agreement, which supports and enhances the peace agreement between the UAE and the State of Israel. It creates a partnership between two countries, which have worked hard to build strong and prosperous economies for a better life for their people. It will build a cooperation for two-way trade in areas, such as high-tech, tourism, aviation, investment and real estate, and more specifically, cyber, clean-tech, irrigation, ag-tech, digital health care, and much more. Both economies will greatly benefit."