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Dubai-Israel: Trade hits Dhs1bn in five months

Dubai-Israel: Trade hits Dhs1bn in five months

Trade between Israel and Dubai is estimated to grow to Dhs15bn in the next few years and generate over 15,000 jobs

Jebel Ali Port Dubai

Dubai’s trade with Israel in five months, from September 2020 – January 2021, has reached a value of Dhs1bn, reported Dubai Media Office on Saturday, January 30.

The volume of trade stands at 6.217k tonnes, according to Dubai Customs statistics. Of this, imports were valued at Dhs325m (718 tonnes), exports at Dhs607m (5.4k tonnes), and transit trade at Dhs98.7m (52.4 tonnes).

Ahmed Mahboob Musabih, director-general of Dubai Customs, stated that the volume of Dubai’s seaborne trade with Israel amounted to 5.7k tonnes (Dhs82.8m), while airborne trade reached 423 kg (Dhs948.6m).

Dubai’s main imports from Israel include vegetables and fruits, diamonds, flat screens, high-tech devices, and medical and mechanical devices, while its chief exports include diamonds, smartphones, engine spare parts, perfumes and lubricants.

Sultan bin Sulayem, DP World group chairman and CEO and chairman of Dubai’s Ports, Customs and Free Zone Corporation, expects trade to grow to Dhs15bn in the next few years, and generate over 15,000 jobs.

DP World signed an agreement with Israel’s Leumi Bank in September to facilitate trade and logistics services between the two sides.

Read: DP World, Bank Leumi to explore Israel logistics investments

DP World also signed a series of cooperation agreements on cargo, port and freezone development with Israeli company Dovertower, as part of which they are launching a joint bid to privatise Haifa port.

The agreement will enable DP World to contribute to facilitating trade between private businesses of the two countries.

Read also: DP World, Israel Shipyards weigh joint bid for Haifa port

It will also allow the possibility for Drydocks World-Dubai to develop the Israeli dry docks and handle refurbishment projects.

Israel has expressed its interest in leveraging Jebel Ali Port as a re-export hub for Israeli products to enable it to easily access neighbouring fast-growing markets such as India, Pakistan, Bangladesh and Sri Lanka.

“The expansion of trade and investment between the two sides will benefit not only the business communities in the UAE and Israel, but also other stakeholders and business communities in the Middle East,” said Bin Sulayem.

Upcoming events such as Expo 2020 and the WCO Global AEO Conference are expected to provide further avenues for Israel and Dubai to identify opportunities to enhance trade between each other. “Expo 2020 is a golden opportunity for Israel to introduce its services, products and opportunities to the world. We also look forward to Israel’s participation in the fifth WCO AEO Conference, to be organised by Dubai Customs in coordination with the World Customs Organization and the Federal Customs Authority.

The event, expected to attract more than 2,000 customs, trade, AI, and e-commerce experts, will highlight the UAE’s status as a leading player in global trade,” said Dubai Custom’s Musabih.

In October, the Dubai World Trade Centre signed an agreement with the Israel Export Institute to jointly facilitate the participation of Israeli exhibitors in large-scale exhibitions in the UAE.

The commercial potential of agreements between the UAE and Israel is estimated at $500m per annum across several key sectors.

Read more: Dubai World Trade Centre signs agreement with Israel for large-scale conferences and exhibitions

In other key agreements over the last few months, the Dubai Airport Free Zone Authority (DAFZA) signed an MoU with the Federation Israeli Chambers of Commerce (FICC) to define frameworks for bilateral cooperation between the two entities and to encourage Israeli companies to establish their businesses within the emirate.

Read: Dubai’s Emirates NBD signs MoU with Bank Leumi Le-Israel

Dubai’s Emirates NBD bank signed key agreements’ with Israel’s Bank Hapoalim and Bank Leumi Le-Israel too last year.

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