Israel’s DoverTower and Dubai’s DP World from signed on Wednesday a series of memoranda of understanding (MOU) for strategic collaborations in the fields of shipping, maritime transport and vessel production.
The two companies will cooperate in establishing a shipping line on a direct route from Jebel Ali Port in Dubai to the Port of Eilat and Israel Shipyards will examine the possibility of cooperation in the production and marketing of various products in Dubai.
Group Chairman and CEO of DP World, Sultan Ahmed bin Sulayem, signed the MoUs with DoverTower, a company owned by Shlomi Fogel, the co-owner of Israel Shipyards and Port of Eilat.
“Part of the engagement between the two countries to strengthen peace, dialogue and stability and promote sustainable development, the MoUs create a framework for the companies to work together in assessing opportunities to develop infrastructure for trade between Israel and the UAE, as well as within Israel and the region,” a joint statement by the companies said.
The MoUs cover three areas of cooperation, including DP World’s development of Israeli ports and free zones, Dubai Customs will promote and facilitate trade between private entities in the two countries, and Dubai’s Drydocks World will explore business opportunities with Israel Shipyards on a joint venture for developing, manufacturing and marketing Israeli products.
Sultan Ahmed bin Sulayem, Chairman and CEO of DP World, stated that the MoUs will “contribute to the efforts to tap economic and trade cooperation opportunities, and facilitate development-oriented linkages between the two countries.”
Shlomi Fogel, Chairman and owner of DoverTower Group, said that the “strategic partnership that will positively impact the global trade and economy while strengthening the commercial relationship between the state of Israel and the United Arab Emirates.”
The announcement on this MoU comes just a day after Israel’s Bank Hapoalim signed an MoU with the United Arab Emirates NBD, Dubai’s largest bank.
Israel and the UAE have already signed an MOU on cooperation in the fields of banking and finance, the first outcome of the historic meeting between the two countries in Abu Dhabi.