UAE-Israel ties: A formidable partnership in the making
Business leaders view the deal as a crucial development in promoting bilateral trade
“The signing of the Abraham Accord is a significant event for both the UAE and Israel, opening the doors to socio-economic opportunities for both countries. Aside from the prospect of establishing air transport links for passengers and cargo, there can be broader collaboration across the travel, aviation and aerospace industries. These are sectors where both the UAE and Israel have strong experience, and we hope to foster a mutually beneficial exchange of talent, research and other initiatives.”
Shaikh Ahmed bin Saeed Al Maktoum, President Dubai Civil Aviation Authority; Chairman and Chief Executive, Emirates Group; and Chairman of flydubai
“We face many common challenges and will mutually benefit from this historic achievement right from investment opportunities, knowledge sharing, direct flights, tourism, security, telecommunications, technology, energy and healthcare. We expect this agreement to be a massive opportunity for economic growth and technological innovation in the region, and this would forge a great relationship among people living in this part of the world and beyond.”
Gopinath S., Chief Strategic Officer at Canadian Specialist Hospital Dubai
“This is a landmark agreement and soon it will catapult the UAE into a more prominent global league. The two countries will benefit from a wide range of areas right from tourism to technology. It will be a significant economic boost, and both countries would tremendously benefit from this newly established relationship. While investments are bound to happen across diverse industries, I feel that core focus areas would be tourism, technology and agriculture, among others. The UAE has grown tremendously over the years, and this historic tie-up will be a big boost to the economy. A market that has remained untapped opens for both countries, and this in itself would usher in a world of opportunities.”
Dr Dhananjay Datar, Chairman and MD, Al Adil Group of Super Markets and Flour mills
“The UAE-Israel deal will open up new opportunities in the region, adding a new dimension to both the economies. The UAE is strategically linked to the Gulf and has proximity to the Arabian ocean while Israel’s linked with the Mediterranean Sea. This combination allows both the countries to create business opportunities and open many corridors that are untapped as yet. This will be beneficial to the region. The UAE business sector needs more innovative ideas to enhance manufacturing and FMCG sectors, as the UAE-Israel relation will benefit both the countries through exchange of ideas. All such options will bring closer contacts between the people of these countries. Bilateral talks and multiple trade agreements will give the reason for the next generation to explore new possibilities, which have never been explored in the past.”
Bharat Bhatia, CEO – Conares
“This is a welcome development that will be mutually advantageous and will support the revitalisation of both nations and its people. From a jewellery industry point of view, this opens up the opportunity for the UAE to be regional if not a global hub for diamonds and solitaires as it is for gold today.”
Shamlal Ahamed, Managing Director – International Operations, Malabar Gold & Diamonds
“The Abraham Accord will add economic firepower to both the UAE and Israel. I see immediate benefits in the following sectors:
Diamonds: Tel Aviv is a major centre for diamond trade. Israeli traders can now establish presence and also participate in rough diamond auctions at DMCC. This will also give the UAE a niche position in the already well-regulated diamond trading at DMCC.
Oil & Gas: This accord will give Israel the opportunity to buy oil directly from the UAE and give them significant logistical cost savings.
Property: Israelis are great believers in property investment. This accord will attract more investments into a well-developed UAE market.
Tourism and airlines: The UAE being the hub for over two third of Asia will benefit from tourism. The airline industry will also benefit from transit passenger traffic.
Banking: We should see Israeli fintech and cybersecurity companies establishing presence in the UAE.”
Sharad Nair, Founder of Apex Advisors DMCC
“The normalisation of ties between the UAE and Israel is a historical moment made possible by the visionary rulers of both the countries. This will pave the way for further growth and development of the entire region. Being two major economic powerhouses in the Middle East, there can be a boost in infrastructure, technology, environmental sustainability, etc. This will help to build capabilities across both countries in many sectors such as healthcare, biotech, digital technology, education and energy. As a healthcare organisation born and brought up in the UAE, we are looking for exciting partnerships with counterparts in Israel in various areas.”
Dr Azad Moopen, Founder Chairman & Managing Director, Aster DM Healthcare
“The historical treaty between the Middle East’s two of the advanced economies and dynamic societies, the UAE and Israel is going to be recorded in the annals of world history as living evidence that anything is possible in politics if there is positive will among the leadership, and finally the peace prevails. The UAE has shown great statesmanship by getting closer to Israel while continuing brotherly relationship with Palestine. And all this under the umbrella of the US. It is a master stroke indeed on the political scene! These three aces will play a leading role in world economy. The UAE has the opportunity to act as a vital bridge in reaching Israeli technology to the Gulf markets. The UAE’s real estate and consumer products will get a great boost with this deal. We needed this boost and it is timely.”