Differences at the “micro level” will create opportunities for long-term sustainable trade between the “equally strong” economies of the UAE and Israel, according to a top banker.
Speaking at the first virtual UAE-Israel Business Leaders Summit, co-hosted by Gulf News and TheMarker, Samer Haj-Yehia, Chairman of Bank Leumi, said: “The wealth of each surges if they engage in trade of goods and services produced in the country with the lower opportunity cost - this is definitely the case in the bilateral relations between the UAE and Israel.”
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Tech as base
Investors and market participants are curious to see the role Israeli companies would play in the UAE market. “The principal areas for export from Israel to the UAE will include agritech, water tech, food tech, fintech and cybertech,” said Haj-Yehia. “Together, they provide food security, which is one of the top national security interests of any country.”
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A longer list of potentially lucrative trade areas would include healthcare, vaccines and automotive, the banker added. “Both countries have benefited from visionary leadership that harness savings and through investment created jobs and wealth for their peoples.”