Dubai Chamber signs pact with Israeli counterpart to strengthen business ties

Both chambers will focus on cooperation in areas including technology, tourism, aviation, investment, real estate and agriculture

The normalisation of relations between the UAE and Israel is opening up investment opportunities in both the countries. AFP

Dubai Chamber of Commerce and Industry has signed an agreement with Federation of Israeli Chambers of Commerce to support businesses and start-ups in both countries.

Under the agreement, both chambers will produce a joint study identifying synergies and sectors of mutual interest, according to a Dubai Media Office statement.

The two trade bodies will plan virtual business events, host a joint business forum and organise trade delegation visits.

The agreement will build new bridges between the two business communities and establish a framework for bilateral economic cooperation, said Hamad Buamim, president and chief executive of Dubai Chamber.

The partnership improves prospects for economic growth in the region by creating new investment opportunities and enhancing business environment, he added.

The normalisation of relations between the UAE and Israel this month is opening up various investment opportunities between the two countries for the first time.

The new pact supports and enhances the peace agreement between the UAE and Israel, said Uriel Lynn, president of the Federation of Israeli Chambers of Commerce.

“It will build a cooperation for two-way trade in areas, such as high-tech, tourism, aviation, investment and real estate … and more specifically, cyber, clean-tech, irrigation, AgTech, digital healthcare and much more,” said Mr Lynn.

Other aspects of the partnership cover the chambers’ current activities, initiatives, and programmes in areas such as research, networking, arbitration, mediation, education, training, women-in-business, sustainability and advocacy.