TRUMP PEACE: UAE Seeks Staggering $1 Trillion In Economic Ties With Israel Over Next Decade

In addition, major airlines from Egypt and Bahrain just announced direct flights to Tel Aviv. What a contrast to the carnage that we are now seeing in the Middle East, because of the unbelievable ineptitude of the Biden Administration. More Arab nations will join the Abraham Accords over time. Especially as they see the enormous benefits for their count

President Trump was a miracle. ries to befriending Israel. President Trump is one for the ages. #BDSFail

The #AbrahamAccords: historic, unprecedented, and trailblazing in the Middle East. https://t.co/to5nprwpHl

— RJC (@RJC) September 14, 2021

An amazing day for #Bahrain and #Israel! 🇧🇭🇮🇱 https://t.co/higSpgUmOs

— Houda Nonoo (@hnonoo75) September 14, 2021

Related – The Abraham Accords are a catalyst for wider change in the Middle East

Related – Kuwait anchor: The silent majority support building ties with Israel

Related – Saudi Arabia Considering Israeli-Made Missile Defense Systems

UAE seeks staggering $1 trillion in economic ties with Israel over next decade

A year into the Abraham Accords, trade between countries hits over $600m in 1st half of 2021; investors say big opportunities still ahead

By TOI, September 15, 2021

A year after the photo-ops in Washington DC and the breathless reports from the footsteps of the Burj Khalifa, the United Arab Emirates believes that economic activity with Israel could reach more than $1 trillion over the next decade.

That stratospheric figure was touted this week by Emirati Minister of Economy Abdulla bin Touq Al-Marri during a virtual event marking the first anniversary of the Abraham Accords, the historic US-brokered agreement that normalized ties between Israel and the UAE, quickly followed by Bahrain, Sudan and Morocco.

While Israelis have long maintained quiet commercial and security ties with the UAE, the normalization agreement was seen as a potential economic boon, with increased access to the global business and shipping hub of Dubai, on top of tourism and energy.

The Emirati minister noted that Israel and the UAE have already signed off on over $600 million in bilateral trade for the first half of this year in areas like food, agriculture, healthcare, aviation, water and energy, as well as dozens of MOUs (memorandums of understanding) that outline existing and future deals.

A year after the accords, “we have a story [to tell], and the major story is that we exchanged ambassadors, we have signed over 60 MOUs, we have $600-$700 million of bilateral trade happening… [and] we are moving into so many areas of economic opportunities,” bin Touq Al-Marri said on Monday.

“We’re looking to create over a trillion dollars of economic activity with Israel over the next decade,” he added.

There is a lot of daylight between $1 trillion and $600 million, but the minister said that the opportunities “are endless,” especially after the COVID-19 health crisis abates. “The next years will see more influx of trade,” he offered, citing the upcoming Expo 2020 in Dubai starting in October where there will be “lots of opportunities to establish links for trade and business.”

The Expo is set to draw thousands of participants from across the world for business and cultural events, including an Israeli delegation of some 250 entrepreneurs and business people hosted by the Israel Exports Institute and Bank Hapoalim.

“The Abraham Accords are still young, still robust, and we are still working together to push forward the economic agendas,” bin Touq Al-Marri explained.

Diamonds and energy

According to data from the Israel Central Bureau of Statistics (CBS) cited by the Exports Institute and the Federation of Israeli Chambers of Commerce, bilateral trade between Israel and the UAE between January and June 2021 amounted to roughly $610 million. More than half of this trade has been in diamonds. Of the $210 million in Israeli exports to the UAE in 2021, 70 percent ($150 million) were in diamonds alone, and the remainder in industrial trade (metals, plastics, industrial machinery, electronics and telecommunications, transportation and logistics).

Israel’s imports of diamonds from the UAE in 2021 amounted to $190 million with an additional $210 million in industrial trade, for a total amount of $400 million in imports.

Crucially, the $610 million total in trade does not include tourism or “services,” a loose term used in the data that includes Israeli technology services like cybersecurity and artificial intelligence, and for which CBS did not release information.

But high-tech exports make up a significant portion — 11.6% in 2020, or roughly $43.4 billion, according to the Israeli Ministry of Economy — of all Israeli exports and are a key factor driving growth in the Israeli economy.

 

 

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