Hundreds of Israeli business leaders and entrepreneurs attended the first, “Made for Trade Live” roadshow event in Tel Aviv this week as DMCC, the Government of Dubai Authority on commodities trade and enterprise, worked to attract more Israeli companies to Dubai.
The effort comes in the wake of the UAE-Israel Comprehensive Economic Partnership Agreement (CEPA) signed earlier this year.
Sessions held with 10 Israeli private and public sector entities throughout the day focused on the ease of doing business in Dubai and emphasized the emirate’s role as a gateway to some of the world’s fastest-growing markets, including others in the Gulf Cooperation Council (GCC) countries.
DMCC’s ‘Made for Trade Live’ roadshows play a key role in promoting Dubai as a prime destination for foreign direct investment (FDI).
More than 70 Israeli businesses have been attracted to the DMCC’s business district since the signing of the Abraham Accords, largely in the fields of tech, diamonds, and crypto.
DMCC has opened a representative office in the Israel Diamond Exchange, and Israel has opened a similar office in the Dubai Diamond Exchange.
During his opening address Ahmed Bin Sulayem, DMCC’s Executive Chairman and Chief Executive Officer, said he was “thrilled” to be back in Israel after celebrating the two-year anniversary of the Abraham Accords with the UAE’s Ministry of Foreign Affairs. “There is no better time for Israeli businesses to set up and expand their operations in Dubai,” he said.
Ayelet Nahmias-Verbin, chairperson of the Israel Export Institute, added that since the signing of the Abraham Accords, Israeli trade with the UAE has gone up consistently “with numerous success stories” in digital health, software and HLS. “The potential with Dubai and with DMCC as a platform for Israeli companies could only develop to a larger scale. As a gateway to India and Africa we can create with DMCC an infrastructure for joint ventures that will benefit both,” she said.
The UAE-Israel Comprehensive Economic Partnership Agreement (CEPA) is expected to increase bilateral trade to more than $10 billion and add $1.9 billion to the UAE’s GDP within five years.
The agreement looks to lower or eliminate tariffs on more than 96 percent of tariff lines and 99 percent value of trade, enhancing market access for exporters, attracting new investment, and creating opportunities in key industries.