The UAE’s economy minister said on Monday that the country seeks to strengthen its trade ties with Israel by $ 1 trillion over the next decade.
The UAE is looking to grow economic ties with Israel to more than $ 1 trillion over the next decade, Economy Minister Abdulla Bin Touq said on Monday, strengthening a year-long relationship that has already produced billions of dollars. dollars in business.
The Gulf country has signed more than 60 memorandums of understanding with Israel since normalizing relations in 2020 and expects an “influx” of trade in the next two years, Bin Touq said in a virtual conference from the US, where leads a high level. business delegation. The UAE was looking at sectors such as defense, energy and food security.
“We have between $ 600 and $ 700 million dollars in bilateral trade, we have funds of billions of dollars that have been jointly announced between the two countries, we are moving into many areas of economic opportunity,” he said. “We are looking to create more than $ 1 trillion of economic activity over the next decade.”
Those deals include Mubadala Investment Co.’s $ 1 billion purchase of Delek’s Tel Aviv-listed stake in an Israeli gas field, which was completed this month.
The so-called Abraham Accords were a historic breakthrough, hailed by leaders, including then-US President Donald Trump, as a step toward building peace in the Middle East. The UAE was the first Arab nation after Egypt and Jordan to formally recognize Israel.
The Israeli government said at the time that the deal would generate billions of dollars in investment. Bahrain, Morocco and Sudan have also recognized Israel after intense US diplomacy.
That rapprochement has been labeled a betrayal by the Palestinians and caused some embarrassment during this year’s 11-day war in Gaza, but did not derail efforts to build diplomatic and economic relations.
The UAE announced earlier this month plans to deepen its trade ties in fast-growing economies in Asia and Africa, and attract $ 150 billion in foreign investment while facing increasing competition from the regional heavyweight of Saudi Arabia.
The United Arab Emirates will increase trade in Asia and Africa and seek an investment of 150,000 million dollars (2)
(Consolidated with quotes, context)