TRUMP PEACE: One Year into Abraham Accords, Israel’s trade with UAE tops $570m

More miracles from President Trump’s Abraham Accords. Imagine what could have been if President Trump remained in office. What a tragedy.

President Trump was the greatest President in US history. His goodness unleashed the most evil, retrograde force in the world – the Left.

https://twitter.com/hameli1234/status/1424282564454408192?s=20

One year into Abraham Accords, Israel’s trade with UAE tops $570m

Trade could reach $1 billion for the whole of 2021, and could exceed $3 billion within three years.

By Jerusalem Post, August 8, 2021

A year into the Abraham Accords, some $570 million in business has been done between Israel and the United Arab Emirates, according to data from the Central Bureau of Statistics.

During 2020 and the first six months of 2021, Israel exported $197 million of goods and services to the UAE, and imported about $372 million.

Trade could reach $1 billion for the whole of 2021, and could exceed $3 billion within three years, according to the UAE-Israel Business Council, an organization connecting businesses in the two countries.

On August 13, then-US President Donald Trump announced that Israel and the United Arab Emirates had agreed to normalize relations. What has followed has been a whirlwind of follow-on peace deals with Bahrain, Morocco and Sudan that continues to reshape political alliances in the Middle East.

Since then, Israeli companies are starting to recognize the potential offered by the UAE’s economic ecosystem, said Dorian Barak, an investor and co-founder of the UAE-Israel Business Council.

“The Emirates are a place where people from all over the world come to engage in commerce, with unique advantages compared with other jurisdictions that make it a unique platform to reach the entire world,” Barak said.

“It is comparable to Hong Kong and Singapore in that they are not just markets to sell to, they are marketplaces for the entire world. That’s why the UAE is the business capital of the entire region. Every country has a presence there.”

The United Arab Emirates has more than 35 free-trade zones offering tax exemptions, world-class technology infrastructures, and shipping and trade systems designed to made business as simple as possible, Ramy Jallad, CEO of the Ras Al Khaimah Economic Zone, noted at the Global Investment Forum in June, sponsored by The Jerusalem Post and the Khaleej Times.

“Israelis are always looking for ways to do business in South Asia, East Africa, India and Bangladesh,” Barak said. “These are markets with two billion people, and you can’t work with them from Tel Aviv. The UAE is the place where everyone congregates to do business, and Israel has finally been admitted to that club.”

The first year of normalization with the UAE has been very successful, despite many challenges, said Fleur Hassan-Nahoum, co-founder of the UAE-Israel Business Council and Deputy mayor of Jerusalem.

“We faced a worldwide pandemic, and that hampered tourism, but we still had about 230,000 Israelis visit the UAE,” Hassan-Nahoum said. which has tourism. “Imagine what could have been done if there was no pandemic.”

“We also went through a conflict with the Palestinians in May, and that wasn’t easy, but both sides came out with determination to keep the relationship going. Normalization did not make the press there more neutral, and they still demonized Israel a lot. Our friends were reaching out to us with a lot of questions. So we did a number of seminars and briefings to give over the facts. We encouraged them to ask us anything, and said that no question was too uncomfortable to be asked. That’s how a relationship becomes stronger, and we are a stronger group because of it.”

“One can’t underestimate the power of a mutual desire for peace,” Hassan-Nahoum said. “Business is one of the best forums to create a warm peace, by learning to trust each other and learn each side’s cultural sensitivities. There are cultural differences. I don’t like to generalize, but Israelis often tend to be more transactional, while Emiratis are more relationship-oriented. The first year was mainly about getting to know each other and build those relationships.”

 

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