The UAE and Israel signed a Comprehensive Economic Partnership Agreement (Cepa) on Tuesday in a move aimed at boosting non-oil trade and investment between the two countries.
The trade and investment pact will push the value of non-oil bilateral trade to more than $10 billion within five years, Dr Thani Al Zeyoudi, the UAE’s Minister of State for Foreign Trade, said on Twitter.
“With the #UAEIsraelCEPA signed, sealed and delivered, we have written a new chapter in the history of the Middle East,” Dr Al Zeyoudi said.
“Our agreement will accelerate growth, create jobs and lead to a new era of peace, stability and prosperity across the region.”
The agreement comes after the UAE and Israel normalised relations in September 2020, which led to dozens of initial pacts in sectors ranging from aviation to technology.
Israel and the UAE began negotiations for a trade and economic co-operation deal in November 2021, with talks concluding in April.
The deal marks the UAE's second Cepa after it signed a similar pact with India in February. It is in trade talks with several other countries, including Indonesia and South Korea.
The Cepa deal, signed after several months of discussions, is Israel's first major trade pact with an Arab nation.
The agreement “builds on the strong foundations laid by the Abraham Accords,” Dr Al Zeyoudi said in the tweet.
Under the deal, tariffs will be eliminated on 96 per cent of goods that generate about 99 per cent of export earnings, according to a Ministry of Economy statement.
The deal is expected to create new opportunities in key sectors such as energy, environment and e-commerce.
It also covers sectors including hospitality, financial services, distribution and construction while enabling small-and-medium businesses in both countries to expand abroad.
The pact was signed by Abdulla bin Touq, UAE Minister of Economy, and Orna Barbivai, Israeli Minister of Economy and Industry, at the UAE Ministry of Economy's headquarters in Dubai.
"The UAE continues to take bold steps to advance our economy and enhance our status as a regional hub for trade, investment, and the industries of the future," Mr bin Touq said. "This Cepa with Israel will create a new paradigm for the region."
The Cepa is expected to boost bilateral trade beyond $10bn within five years and add $1.9bn to the UAE’s GDP within the same time period. Total UAE exports are expected to increase 0.5 per cent by 2030.
From September 2020 to March 2022, non-oil trade between Israel and UAE exceeded $2.5bn, the ministry said.
Non-oil trade reached $1.06bn in the first three months of 2022 – five times the total from the same period in 2021.
The agreement "will further catalyse economic activity and, importantly, create new research and investment opportunities in agri-tech, renewable energy, and advanced technology, which are priority sectors for both countries," Dr Al Zeyoudi said in the statement.
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UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
Indoor Cricket World Cup - Sept 16-20, Insportz, Dubai
Medicus AI
Started: 2016
Founder(s): Dr Baher Al Hakim, Dr Nadine Nehme and Makram Saleh
Based: Vienna, Austria; started in Dubai
Sector: Health Tech
Staff: 119
Funding: €7.7 million (Dh31m)
MWTC info
Tickets to the MWTC range from Dh100 and can be purchased from www.ticketmaster.ae or by calling 800 86 823 from within the UAE or 971 4 366 2289 from outside the country and all Virgin Megastores. Fans looking to attend all three days of the MWTC can avail of a special 20 percent discount on ticket prices.
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This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Abu Dhabi race card
5pm: Maiden (PA) | Dh80,000 | 1,600m
5.30pm: Maiden (PA) | Dh80,000 | 1,400m
6pm: Liwa Oasis (PA) Group 2 | Dh300,000 | 1,400m
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Intercontinental Cup
Namibia v UAE Saturday Sep 16-Tuesday Sep 19
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Our legal columnist
Name: Yousef Al Bahar
Advocate at Al Bahar & Associate Advocates and Legal Consultants, established in 1994
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- Do not submit your application through the Easy Apply button on LinkedIn. Employers receive between 600 and 800 replies for each job advert on the platform. If you are the right fit for a job, connect to a relevant person in the company on LinkedIn and send them a direct message.
- Make sure you are an exact fit for the job advertised. If you are an HR manager with five years’ experience in retail and the job requires a similar candidate with five years’ experience in consumer, you should apply. But if you have no experience in HR, do not apply for the job.
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Britain's travel restrictions
- A negative test 2 days before flying
- Complete passenger locator form
- Book a post-arrival PCR test
- Double-vaccinated must self-isolate
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Day Indian Rs (Dh)
Thursday 500.75 million (25.23m)
Friday 280.25m (14.12m)
Saturday 220.75m (11.21m)
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Founder: John Tsioris and Ioanna Angelidaki
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Tips to stay safe during hot weather
- Stay hydrated: Drink plenty of fluids, especially water. Avoid alcohol and caffeine, which can increase dehydration.
- Seek cool environments: Use air conditioning, fans, or visit community spaces with climate control.
- Limit outdoor activities: Avoid strenuous activity during peak heat. If outside, seek shade and wear a wide-brimmed hat.
- Dress appropriately: Wear lightweight, loose and light-coloured clothing to facilitate heat loss.
- Check on vulnerable people: Regularly check in on elderly neighbours, young children and those with health conditions.
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- Recognise heat illness: Learn the signs of heat exhaustion and heat stroke (dizziness, confusion, rapid pulse, nausea), and seek medical attention if symptoms occur.
Retail gloom
Online grocer Ocado revealed retail sales fell 5.7 per cen in its first quarter as customers switched back to pre-pandemic shopping patterns.
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American households borrowed another $601 billion (Dh2.2bn) in 2019, the largest yearly gain since 2007, just before the global financial crisis, according to February data from the New York Federal Reserve Bank.
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