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Dubai, Tel Aviv Chambers Sign Agreement to Boost Economic Cooperation

Dubai, Tel Aviv Chambers Sign Agreement to Boost Economic Cooperation

Friday, 25 September, 2020 - 05:30
Gyrocopters fly over Dubai during the World Air Games 2015, United Arab Emirates. REUTERS/Karim Sahib/Pool

The Dubai Chamber of Commerce and Industry said it has signed a deal with Tel Aviv Chamber of Commerce, represented by the Federation of Israeli Chambers of Commerce, to pave the way for bilateral cooperation.

According to reports, the agreement allows the chambers to review coordination in sectors of mutual interest; create a roadmap of virtual events; commit to organizing a business delegation and mutual visits, host a joint business forum and support new businesses.

Other aspects of the partnership cover the chambers’ current activities, initiatives, and programs in areas such as research, networking, arbitration, mediation, education, training, women-in-business, best-practices, sustainability and advocacy, state news agency WAM reported.

The partnership also brings benefits for the public and private sector across the Middle East region by opening the door for cross-border collaboration across economic fields.

Hamad Buamim, President & CEO of Dubai Chamber, described the agreement as an important development that will build new bridges between the two business communities and establish a framework for bilateral economic cooperation and mutually-beneficial partnerships.

He noted that the agreement reflects the strong commitment of leaders on both sides to collaborate in a wide range of economic sectors, share knowledge and capitalize on mutual business opportunities.

For his part Uriel Lynn, President of the Federation of Israeli Chambers of Commerce and Tel Aviv Chamber of Commerce said: "The declaration for strategic partnership with Dubai chamber of commerce and Federation if the Israeli chambers of commerce (FICC) can be valued only in historical proportions. It is an agreement, which supports and enhances the peace agreement between the both countries.

The new agreement is consistent with Dubai Chamber’s efforts to maximize opportunities for Dubai’s dynamic private sector, create fertile ground for investments from local, regional and international stakeholders, and provide education and skills training that enhances the capacity of its members to do business.

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