The Dubai International Chamber announced plans to open a representative office in Tel Aviv, aiming to facilitate trade and investment between business communities in Dubai and Israel.
The announcement came during a recently held meeting at the Chamber’s headquarters between CEO of Dubai Chambers Hamad Buamim, Israeli Minister of Economic and Industry Orna Barbivay, representatives from the Israeli embassy, ministry, and Dubai Chambers.
Buamim stressed the vital role of promoting Dubai as a global gateway for Israeli companies and attracting foreign investment in critical sectors of mutual interest such as digital economy, information technology, artificial intelligence, smart services, agricultural and food technologies, and space sciences.
“By expanding our presence into Israel, we will be well positioned to achieve the objectives of the Comprehensive Economic Partnership Agreement signed by the UAE and Israel, build new bridges between the two business communities, and boost non-oil trade to reach $10 billion annually within the next five years,” said Buamim.
He noted that trade would remain economic cooperation between Dubai and Tel Aviv and described Israel as a market of strategic importance to Dubai.
He added that Israel is expected to become one of Dubai’s ten top trading partners within a few years, especially since the Chamber has identified the Israeli market as among the 30 priority markets.
The Israeli Minister announced that last week, on behalf of the Israeli government, she signed the Comprehensive Economic Partnership Agreement (CEPA) between Israel and the UAE.
She said the UAE-Israel partnership agreement and Dubai International Chamber’s announcement reflect both countries' strong commitment to strengthening economic ties and creating new business opportunities.
Israeli Ambassador to the UAE Amir Hayek described the signing of the trade agreement as a historic step that opens business opportunities for both countries.
Hayek noted that the Chamber’s decision to establish a representative office in Israel is a significant step toward promoting cooperation between the two countries and their business communities.