Emirati and Israeli bosses cannot wait to do business

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Israel's new embassy in Abu Dhabi has symbolic value, but is also a beachhead for Israeli and Emirati bosses and investors keen on doing business with their counterparts

ISRAEL AND the United Arab Emirates have maintained unofficial relations for a while, despite a half-century boycott in much of the Arab world of the Jewish state in its midst. So, too, with commercial ties. Goods moved between the two economies, but only passing through intermediaries in third countries first.

In the past six months Frost & Sullivan, a consultancy, has been pitching deals with its Israeli clients to Emirati firms in industries from carmaking to food. Until November half rejected the advances out of hand. Now only a third do, says Subhash Joshi, head of Frost & Sullivan’s Middle East practice in Dubai. He expects the share to keep falling. On February 7th and 8th Abu Dhabi will host a high-profile UAE-Israel investment summit.

That is just the start. Spending by Emirati farmers on Israeli agricultural kit, seeds and know-how is expected to balloon, especially as the UAE tries to decrease its reliance on foreign food, 80% of which is currently imported. Israel, for its part, will gain access to Emirati oil and gas, petrochemicals, building materials and other bulky goods, where thin margins made circuitous channels unprofitable.

The Emiratis understand the Arab region “much better than we do”, says Erel Margalit of Jerusalem Venture Partners, a big venture-capital firm. They are also a gateway to the Far East, Mr Margalit adds. Asaf Azulay, marketing chief of Bank Hapoalim, a big Israeli bank, likewise spies “a double opportunity”: to access the Arab world and Africa, and to invest jointly. His company has already signed co-operation agreements with two Emirati banks.

 

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This is a very good thing indeed.

One the verge of wrapping Emirates with a bow nawal66

thanks

Economic growth brings peace and peace brings economic growth...

We all know Biden is Anti Israel. UAE accepted Israel existence on influence of USA. Now USA government has changed, so UAE - Israel relation can become as it was earlier.

The changing of guard , Welcome to the global realignment iranwar

Israël et peace ça donne un oxymore

Israel is an apartheid state. Pass it on.

Follow

Will Palestinians get to fly on these planes?

Concessions gained through coercion can only end up badly

lol

nice

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