Stock Dubai chamber of commerce and Industry
Dubai Chamber of Commerce and Industry will explore co-operation with Tel Aviv in multiple areas. Image Credit: WAM

Dubai: The Dubai Chamber of Commerce and Industry and its counterpart in Tel Aviv, represented by the Federation of Israeli Chambers of Commerce, have signed a partnership agreement, which will come up with a study on "sectors of mutual interest".

Under the terms, they will also create a roadmap of "virtual events" and host a joint business forum. They will put their support behind startups and scale-ups with readily available resources. Other aspects cover areas such as research, arbitration, women-in-business, best-practices, sustainability and advocacy.

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The agreement between the two sides is part of a broader engagement between the UAE and Israel to further peace and stability and promote sustainable development. Hamad Buamim, President and CEO of Dubai Chamber, said the deal reflects the openness of Dubai’s economy.

According to Uriel Lynn, President of the Federation of Israeli Chambers of Commerce and Tel Aviv Chamber of Commerce, "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."