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DP World, Israel's DoverTower Sign MoUs to Consolidate Trade

DP World, Israel's DoverTower Sign MoUs to Consolidate Trade

Wednesday, 16 September, 2020 - 11:45
The two sides sign the MoUs. WAM

Dubai-based port operator DP World and Dubai Customs will be exploring opportunities to develop trade links between Israel and the UAE, following the signing of a series of memorandums of understanding, Emirates News Agency (WAM) reported on Wednesday.


Group Chairman and CEO of DP World Sultan Ahmed bin Sulayem signed MoUs with DoverTower, a company owned by Shlomi Fogel, the co-owner of Israel Shipyards and Port of Eilat, it said.


The MoUs create a framework for the companies to work together in assessing opportunities to develop infrastructure for trade between the two countries, as well as within Israel and the region.


Under the MoUs, DP World will assess the development of Israeli ports and free zones and the potential establishment of a direct shipping route between Eilat and Jebel Ali.


Dubai Customs will promote and facilitate trade between private entities in the two countries through customs best practice and seamless, innovative processes.


Drydocks World will also explore business opportunities with Israel Shipyards on a joint venture for developing, manufacturing and marketing ISL products.


The chairman and CEO of DP World said the MoUs will contribute to the efforts to tap economic and trade cooperation opportunities.


“DP World’s mission is to enable global trade – our work to build trade routes between the UAE, Israel and beyond will help our customers to do business in the region more easily and efficiently,” WAM quoted him as saying.


Fogel said: "This is a great honor to work and collaborate with Sultan bin Sulayem. I’m proud of our mutual friendship and vision to create a strategic partnership that will positively impact the global trade and economy while strengthening the commercial relationship between the state of Israel and the United Arab Emirates.


"I believe that this agreement is just the beginning of mutual and long collaboration and more agreements will follow between DP World and DoverTower across different industries.


"I am also happy to announce that DP World and Israel Shipyards will collaborate to establish a joint venture that will participate in the tender for privatization of the Port of Haifa."


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