UAE Israel
The Emirati, Israeli and US flags sway in the wind at Abu Dhabi airport on the arrival of the first-ever commercial flight from Israel to the UAE, on August 31, 2020. Image Credit: AFP

Abu Dhabi: UAE and Israel are starting on a new journey that “we must all take together towards peace, stability, and hope of a better life for our people and our region,” said Minister of Economy, Abdulla bin Touq Al Marri, on Monday.

“Business leaders will play a major role in advancing this vision of the future. While these new trade and capital flows will immediately benefit Israel, UAE, and US, they also stand to have a significant spill-over effect on the entire Middle East region and broader global economy,” Al Marri added.

He made his remarks during his visit to Washington, DC as part of the official delegation attending the UAE-Israel Peace Accord signing ceremony.

UAE and Israel will officially sign the treaty on Tuesday, making the UAE the third Arab country and first Gulf country to establish diplomatic and normalised relations with Israel.

Al Marri discussed the economic and trade implications of the UAE-Israel Peace Accord as part of a joint webinar, hosted by the US-UAE Business Council, the US-Israel Business Initiative at the US Chamber of Commerce, and with the support of the Trade and Commercial Office at the UAE embassy in Washington.

Al Marri elaborated on the opportunities for new business, trade, and commercial links between UAE and Israel, and involving the United States. He also commented on the impact this treaty will have on the future of the country.

During the webinar with several hundred Business Council and Chamber members on the sidelines of this visit, Al Marri elaborated on key business verticals and sectors that will see immediate attention. Life sciences, pharmaceuticals, food security, financial services, tourism and travel, energy, as well as space, defense, and security are ripe for new business partnerships, as well as joint R&D and joint investments in both countries.

A significant number of American companies and investors already form the connective tissue in this relationship by having regional offices and headquarters in the UAE and Israel.

Al Marri underscored the important role US companies and investors will play in helping to establish the ties that will bind this new relationship well into the future.

During the webinar, Al Marri also addressed his recent appointment as Minister of Economy earlier this year in June, the related restructuring of the Ministry of Economy, and his goals and objectives for the Ministry as the UAE looks to emerge even stronger from the COVID-19 pandemic.

Al Marri reiterated the UAE’s Ministry of Economy looks forward to playing a pivotal part in establishing these new business and trade relationships with Israel, and welcomes the constructive role that will be played by the US and the participation of American companies and investors.