DUBAI: UAE aims to increase the value of economic activities Israel The UAE’s economy minister said that in hopes of working together on everything from healthcare to climate change and energy, over the next 10 years will exceed $1 trillion.
NS Middle EastThis year’s trade and trade center has signed dozens of memoranda of understanding with its new ally since becoming the first Arab state to normalize ties with Israel in this century.
It was not immediately clear how the two countries would reach the target of $1 trillion in economic activity over the next decade. The GDP of each country is approximately $400 billion.
There is between $600 million and $700 million in bilateral trade between the United Arab Emirates and Israel, the Minister, Abdullah bin Touq Al Marik, told a virtual conference on Monday. He said reaching that level in a year was “an achievement in itself”, adding that he expected more business to be “common”.
“We want to create more than $1 trillion of economic activity over the next decade,” he said, adding that they are “advancing in so many areas of economic opportunity.”
The Israeli government has said it expects trade with the UAE to be worth $1 billion by the end of 2021 and $3 billion over three years, far less than the UAE’s $24 billion in exports to its top destination in 2019. Saudi Arab.
In September last year, the United Arab Emirates and Bahrain, after Sudan And Morocco, both established relations with Israel, joining Egypt and Jordan As the only Arab state to recognize the Jewish state.
The publicly announced deals include about 40 MoUs and about 30 other types of agreements related to investment promotion and COVID-19 technology in the financial, energy, sports, agriculture, aviation, aerospace and media sectors as well.
But announced a fund of three billion dollars United States of americaIsrael and the UAE have calmed down to encourage private sector investment and regional cooperation, as the UAE announced a $10 billion fund of private and state funds in March to invest in Israel’s strategic sectors .
NS Middle EastThis year’s trade and trade center has signed dozens of memoranda of understanding with its new ally since becoming the first Arab state to normalize ties with Israel in this century.
It was not immediately clear how the two countries would reach the target of $1 trillion in economic activity over the next decade. The GDP of each country is approximately $400 billion.
There is between $600 million and $700 million in bilateral trade between the United Arab Emirates and Israel, the Minister, Abdullah bin Touq Al Marik, told a virtual conference on Monday. He said reaching that level in a year was “an achievement in itself”, adding that he expected more business to be “common”.
“We want to create more than $1 trillion of economic activity over the next decade,” he said, adding that they are “advancing in so many areas of economic opportunity.”
The Israeli government has said it expects trade with the UAE to be worth $1 billion by the end of 2021 and $3 billion over three years, far less than the UAE’s $24 billion in exports to its top destination in 2019. Saudi Arab.
In September last year, the United Arab Emirates and Bahrain, after Sudan And Morocco, both established relations with Israel, joining Egypt and Jordan As the only Arab state to recognize the Jewish state.
The publicly announced deals include about 40 MoUs and about 30 other types of agreements related to investment promotion and COVID-19 technology in the financial, energy, sports, agriculture, aviation, aerospace and media sectors as well.
But announced a fund of three billion dollars United States of americaIsrael and the UAE have calmed down to encourage private sector investment and regional cooperation, as the UAE announced a $10 billion fund of private and state funds in March to invest in Israel’s strategic sectors .
.