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The office will help companies in Dubai and Israel explore growth opportunities in new markets. Image Credit: Gulf News Report

Dubai: Dubai International Chamber will open a representative office in Tel Aviv to facilitate trade and investment between business communities in Dubai and Israel, it announced on Monday.

The office in Tel Aviv will identify business and investment opportunities that offer the most potential for Dubai-based companies, while it will also support Israeli companies with their entry into the Dubai market and help them leverage the emirate to expand their reach into markets across the GCC, Africa and Asia.

“By expanding our presence into Israel, we will be well positioned to achieve the objectives of the Comprehensive Economic Partnership Agreement signed by the UAE and Israel, build new bridges between the two business communities and boost non-oil trade to reach $10 billion annually within the next five years,” said Hamad Buamim, President & CEO of Dubai Chambers.

The announcement came during a meeting held recently at the Chamber’s headquarters, attended by Buamim; Orna Barbivay, Israeli Minister of Economy and Industry, and Amir Hayek, Israel’s Ambassador to the UAE, among others.

The UAE-Israel partnership and Dubai International Chamber’s announcement reflects the strong commitment which both countries attach to strengthening economic ties and creating new opportunities for business, Barbivay said.

“Last week, on behalf of the Government of Israel, I signed the CEPA (Comprehensive Economic Partnership Agreement) between Israel and the UAE. In a meeting I conducted later on with Hamad Buamim, he announced our mutual goals to bring about rapid promotion of economic cooperation.”

The Israeli ambassador described the singing of the trade agreement as a “historic step that opens business opportunities for both of our countries”.

Buamim noted described Israel as a market of strategic importance to Dubai, adding that it is expected to become one of Dubai’s 10 top trading partners within a few years.