Dubai: The UAE is seeking Israeli companies with “relevant” technologies to establish a foothold in Dubai, said Mohammed Shael Alsaadi, CEO of Corporate Strategic Affairs - Dubai Economy, at the UAE-Israel Business Leaders Summit.
Speaking at the first virtual UAE-Israel Business Leaders Summit, co-hosted by Gulf News and TheMarker, Alsaadi expects Israeli firms to “join in research and development, (and) commercialize innovation in a sector that can be scaled regionally and globally. We look forward to enhancing collaborative efforts of the both nations to create a sustainable future.”
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“The potential of trade between the two countries is huge, with estimates ranging from around half a billion dollars in the very first year, and reaching to $5 billion to $6 billion a year,” said Samir Chaturvedi, CEO of KIZAD, who was also speaking at the three-day event co-hosted by Gulf News and TheMarker.
“While the globally economy has suffered a shock from the effect of COVID-19, UAE and Israel’s economies are well positioned to bounce back, and to stage a robust recovery. We are seeing a lot of businesses coming together.”
Working on a platform
The KIZAD chief said the Abu Dhabi entity was working with an industry body in Israel to create a brand-new platform. “We engaged with the Manufacturers Association of Israel to work to create a platform for collaboration in industrial and trade infrastructure,” said Chaturvedi. This can “support the ambitions of both UAE and Israeli companies to expand their production facilities, distribution channels and reach world markets.”
“If you look at the strength of the two countries in AI, they are actually highly complementary,” said Eugene Kandel, CEO of Start-Up Nation Central. “The UAE is incredibly strong in infrastructure, operating environment and in government strategy.
"Israel is stronger in the private sector where research and development, as well as commercialization, are leading the effort. If we combine them and look at the International ratings, it is easily seen that Israel and UAE can be the fourth global AI ecosystem.”