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

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

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

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The Dubai World Trade Centre signed an agreement with the Israel Export Institute on Monday to jointly facilitate the participation of Israeli exhibitors in large-scale exhibitions in the UAE by the end of the year.

The decision to partner on events was facilitated by cooperation between the Israel Export Institute and Israel’s Ministries of Economy and Foreign Affairs, which are actively engaged in the promotion of Israeli industry.

The Israel Export Institute, responsible for Israeli participation in international exhibitions, will now take on this role for the first time in a Gulf country.

The agreement outlined a framework for cooperation and participation in international conferences and exhibitions, organising and exchanging business delegations between the two countries, and supporting business partnership opportunities between both countries.

Following the UAE and Israel’s decision to normalise relations and the subsequent signing of the Abraham Accords, a number of Emirati and Israeli companies have entered into partnerships.

Read: UAE, Bahrain sign historic peace accord with Israel in the US

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

“Partnerships such as the one between the Dubai World Trade Centre and the Israel Export Institute will have a wide-reaching positive impact, as not only both nations stand to benefit, but so does the wider region, particularly through an inward flow of investment and trade, increased cooperation, knowledge sharing, and large-scale innovation,” said Abdulla bin Touq Al Mari, UAE Minister of Economy.

Helal Saeed Almarri, Director General of Dubai World Trade Centre Authority (DWTCA) and Dubai’s Department of Tourism and Commerce Marketing (DTCM) added: “In the face of a rapidly evolving global setting, we are confident that this collaboration will create unparalleled immediate market access opportunities for UAE and Israeli businesses that are looking to expand their reach in both countries, with wider economic impact across the region.”

The UAE and Israel, along with the US, have pledged to cooperate in seven key areas including investment, finance, health, the civilian space programme, civil aviation, foreign policy and diplomatic affairs, and tourism and culture.

Read: UAE, Israel, US issue joint statement reaffirming peace plans; will cooperate in 7 key areas

Israel’s Minister of Economy and Industry, Amir Peretz, indicated that further agreements are expected imminently with UAE entities.

“The trade agreement with the Dubai World Trade Centre is the first step towards a comprehensive trade agreement to be signed within the coming weeks between the Ministry of Economy and the UAE Government. The agreement will cover a wide range of areas that could bring billions of dollars into the Israeli economy. This development and future large-scale agreements are proof of the value of peace rather than unilateral activities and will surely bring growth to the broader region and the Israeli economy in particular,” said Peretz.

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