عربي English Türkçe اردو فارسى
Logo
Latest News
Business

Kiklabb, NY Koen Group Announce Deal to Attract Israeli Investors to UAE

KIKLABB and NY Koen Group sign deal to attract Israeli investors to the UAE. (WAM)
KIKLABB and NY Koen Group sign deal to attract Israeli investors to the UAE. (WAM)
TT
TT

Kiklabb, NY Koen Group Announce Deal to Attract Israeli Investors to UAE

KIKLABB and NY Koen Group sign deal to attract Israeli investors to the UAE. (WAM)
KIKLABB and NY Koen Group sign deal to attract Israeli investors to the UAE. (WAM)

KIKLABB and NY Koen Group have announced a partnership agreement which aims to facilitate cultural understanding, foreign investment and business development between the business communities of the UAE and Israel.

The agreement will see the launch of several initiatives that coincide with the normalizing of diplomatic relations between the UAE and Israel.

This includes the launch of a center for the Jewish community in Dubai to provide support and resources for business, tourism and travel along with strategic advisory to Israeli investors wishing to launch in the UAE via KIKLABB, state news agency WAM reported.

In line with religious beliefs, the center also includes facilities to provide Israeli tourists with their needs, including kosher dining, during their visit to Dubai.

NY Koen Group will support KIKLABB in expanding its presence in Israel and introduce Israeli entrepreneurs and businesses to the benefits of working with the Dubai government-owned licensing and workspaces entity.

Commenting on the partnership, Tasawar Ulhaq, the CEO of KIKLABB, said: "We are excited by the numerous opportunities that this can bring for both of us. The exchange of ideas and knowledge is something that KIKLABB always strives for. This partnership can provide Israeli companies with not only a UAE trade licence but the tools they need to promote their products, services and increase Foreign Direct Investment and expertise within the region. With estimates suggesting that trade with the UAE could reach four billion dollars a year, the opportunities are infinite."

"Our partnership with KIKLABB comes at an important time as the region's two most innovative economies start working more closely together," said Naum Koen, CEO of NY Koen Group.

"There is immense potential for economic co-operation and investment. With KIKLABB, we can expect to see thousands of Israeli companies expand into the UAE market. We are keen to help those wishing to trade in the UAE and give them the support they need to thrive and expand their businesses."

Most Viewed

 
 
Business

Egypt, IMF Hold New Discussions to Alleviate Citizens’ Financial Burdens

Sisi and IMF Managing Director Kristalina Georgieva. (Reuters file photo)
Sisi and IMF Managing Director Kristalina Georgieva. (Reuters file photo)
TT
TT

Egypt, IMF Hold New Discussions to Alleviate Citizens’ Financial Burdens

Sisi and IMF Managing Director Kristalina Georgieva. (Reuters file photo)
Sisi and IMF Managing Director Kristalina Georgieva. (Reuters file photo)

Egypt and the International Monetary Fund (IMF) have agreed to review their joint credit facilitation program to ensure that no additional burdens are placed on citizens.

Egyptian Prime Minister Mostafa Madbouly reiterated the government’s commitment to “maintaining a flexible exchange rate in coordination with the central bank to safeguard the progress achieved in this area.” He expressed hope that the meetings with the IMF delegation in the coming days would “conclude the fourth review of the economic reform program.”

Following a meeting on Sunday between President Abdel Fattah al-Sisi and IMF Managing Director Kristalina Georgieva in Cairo, the Egyptian Presidency announced that Georgieva expressed her “full understanding of the significant challenges Egypt faces amid regional and global developments.”

In March, Egypt signed an $8 billion extended financial support package with the IMF, which requires reducing subsidies on fuel, electricity, and essential goods and allowing the Egyptian pound to float.

In late October, Sisi warned that his government might need to reassess its program with the IMF if international institutions do not account for the extraordinary regional challenges the country is facing. He cited a nearly 60% drop in Suez Canal revenue due to security tensions in the Red Sea as an example.

During the meeting with Georgieva, Sisi expressed Egypt’s commitment to continuing its cooperation with the IMF, building on progress to boost economic stability and reduce inflation. However, he stressed the need to acknowledge recent challenges Egypt has faced due to regional and international crises, which have impacted foreign currency reserves and budget revenues.

Sisi reiterated that the government’s primary focus is on alleviating pressures on citizens, particularly by controlling inflation and curbing rising prices, while also continuing efforts to attract investments and empower the private sector to drive employment and growth.

Georgieva, in turn, commended Egypt’s recent efforts and the reform program being “carefully implemented with a focus on the most vulnerable.” She highlighted the progress in macroeconomic indicators despite unprecedented current challenges, noting that this has been reflected in positive assessments from international credit rating agencies, improved credit ratings, and increased investments.

She expressed her “full understanding of the significant challenges Egypt faces amid regional and global developments” and emphasized the IMF’s commitment to working with the Egyptian government to identify optimal reform paths.