UAE estimates value of business deals with Israel at $550m

Minister of Economy Abdulla Al Marri says the country's ties with Israel will benefit the Palestinians

The UAE estimates the value of business deals to come as a result of the normalisation of relations with Israel to be in the range of $300 million to $550 million (Dh1.1 billion – Dh2bn).

Minister of Economy Abdulla Al Marri said that an exact figure would be announced soon. Israeli officials have estimated there will be $500 million in trade between the two nations.

Mr Al Marri has been in Washington this week as part of a UAE delegation led by Sheikh Abdullah bin Zayed, Minister of Foreign Affairs and International Co-operation. Sheikh Abdullah signed the Abraham Accord at the White House on Tuesday.

Sheikh Abdullah bin Zayed, UAE Minister of Foreign Affairs and International Co-operation, speaks to Donald Trump, US president at the time, and Israeli Prime Minister Benjamin Netanyahu in the Oval Office in September 2020. Ministry of Foreign Affairs and International Co-operation

Sheikh Abdullah bin Zayed, UAE Minister of Foreign Affairs and International Co-operation, meets Mike Pompeo, US secretary of state at the time. Wam

Sheikh Abdullah and Mr Pompeo in Washington. Wam

Sheikh Abdullah visits Washington in September last year. Wam

Sheikh Abdullah, UAE Minister of Foreign Affairs and International Co-operation, US President Donald Trump, centre, and Israeli Prime Minister Benjamin Netanyahu sign the Abraham Accord at the White House South Lawn. MOFAIC

Sheikh Abdullah and, from left, Bahrain's Foreign Minister Abdullatif Al Zayani, Israeli Prime Minister Benjamin Netanyahu and US President Donald Trump at the White House. MOFAIC

Sheikh Abdullah, Mr Al Zayani and Mr Netanyahu at the White House during the Abraham Accord signing ceremony. MOFAIC

Sheikh Abdullah and, from left, Mr Netanyahu, Mr Trump and Mr Al Zayani wave from the Truman Balcony at the White House. AFP

Sheikh Abdullah and, from left, Mr Al Zayani, Mr Netanyahu and Mr Trump sign the Abraham Accord. AFP

Sheikh Abdullah and, from left, Mr Al Zayani, Mr Netanyahu and Mr Trump after the signing ceremony. AFP

Sheikh Abdullah and, from left, Mr Al Zayani, Mr Netanyahu and Mr Trump after the signing ceremony. AFP

Sheikh Abdullah speaks from the Truman Balcony at the White House during the signing ceremony of the Abraham Accord. AFP

Sheikh Abdullah speaks as Mr Trump looks on before the signing of Abraham Accord on the South Lawn of the White House. AP

Sheikh Abdullah looks on from the White House as Mr Trump speaks at the Abraham Accord signing ceremony, also attended by Mr Al Zayani and Mr Netanyahu. AP

Sheikh Abdullah bin Zayed, UAE Minister of Foreign Affairs and International Co-operation, Israeli Prime Minister Benjamin Netanyahu, left, and Bahraini Foreign Minister Abdullatif Al Zayani stand on the Blue Room Balcony during the signing ceremony. AP

Sheikh Abdullah and Mr Al Zayani shortly before participating in the signing of the Abraham Accord. AFP

Sheikh Abdullah, with Mr Netanyahu, left, and Mr Al Zayani at the signing of the Abraham Accord on the South Lawn of the White House. AFP

US President Donald Trump speaks from the Truman Balcony at the White House during the signing ceremony of the Abraham Accord. AFP

President Donald Trump walks to the Abraham Accord signing ceremony at the White House with Sheikh Abdullah bin Zayed, UAE Minister of Foreign Affairs and International Co-operation, Israeli Prime Minister Benjamin Netanyahu, and Bahrain's Foreign Minister Abdullatif Al Zayani. AP

US Secretary of State Mike Pompeo arrives at the White House to attend the Abraham Accord signing ceremony hosted by President Donald Trump. EPA

Sheikh Abdullah bin Zayed, UAE Minister of Foreign Affairs and International Co-operation, meets US President Donald Trump in the Oval Office of the White House before the signing of Abraham Accord. AFP

Sheikh Abdullah bin Zayed, UAE Minister of Foreign Affairs and International Co-operation, in the Oval Office. AFP

Sheikh Abdullah bin Zayed, UAE Minister of Foreign Affairs and International Co-operation, meets US President Donald Trump in the Oval Office of the White House. AFP

Sheikh Abdullah with Mr Trump in the Oval Office. AFP

Sheikh Abdullah bin Zayed, UAE Minister of Foreign Affairs and International Co-operation, with by President Donald Trump at the White House. Mustafa Alrawi / The National

The UAE delegation led by Sheikh Abdullah bin Zayed, Minister of Foreign Affairs and International Co-operation, with US President Donald Trump at the White House. Mustafa Alrawi / The National

Sheikh Abdullah bin Zayed, UAE Minister of Foreign Affairs and International Co-operation, is welcomed to the White House by US President Donald Trump. EPA

Sheikh Abdullah and Mr Trump outside the White House. AFP

Sheikh Abdullah bin Zayed speaks to Mr Trump after arriving at the White House. Reuters

White House Senior Adviser Jared Kushner walks away following a television interview on the North Lawn at the White House in Washington. Reuters

US President Donald Trump and First Lady Melania Trump welcome the arrival of Prime Minister of Israel Benjamin Netanyahu and his wife Sara on the North Lawn of the White House in Washington DC. AFP

A delegation of senior UAE officials led by Sheikh Abdullah bin Zayed, UAE Minister of Foreign Affairs and International Co-operation, prepares to depart for the White House to sign the Abraham Accord. MOFAIC

US President Donald Trump welcomes Bahraini Foreign Minister Abdullatif Al Zayani. AFP

Bahraini Foreign Minister Abdullatif Al Zayani arrives at the White House in Washington DC. AFP

US President Donald Trump welcomes Bahraini Foreign Minister Abdullatif Al Zayani on the North Lawn of the White House in Washington, DC. AFP

Preparations at the White House for the signing of the Abraham Accord.

Preparations under way at the White House for the signing of the Abraham Accord.

Preparations under way at the White House for the signing of the Abraham Accord.

Preparation at the White House for the signing of the Abraham Accord. The National

Mr Al Marri said “it was a day where we look towards the future with optimism, hope and confidence”.

The peace treaty sets out the normalisation of relations between the UAE and Israel including co-operation across a number of sectors including health care, food security, aviation, finance, tourism, energy and science and technology.

Mr Al Marri said he and Israel’s economy minister during a call on Wednesday discussed how any economic deals or initiatives would benefit Palestinians.

“We have confirmation and assertion from both parties that this agreement would bring benefits for the Palestinians.”

More broadly, Mr Al Marri said, “everyone would benefit” from stronger economic growth that could be sparked by the accord.

The UAE and Israel “will allow goods, services, investments to grow across our borders, we will host an exchange of scientists, executives, the students, academic experts and religious leaders and tourists”.

The UAE's position as a regional hub offers Israeli companies an opportunity to scale up, he said, comparing the Emirates with Israel's economic strengths as mentioned in the book Start-up Nation.

“So from start-up nation in Israel to scale up nation in the UAE … how can the UAE be a gateway for North Africa, for the Middle East, for Asia, as well latching on our expertise in logistics, and transportation, and what we're really good at, and the UAE is a great place of scale up.”

“I think it's important to look at that we are, in the UAE, very strong on trade. We're very strong as hubs of logistics of airlines of construction, and as well as advancement of tourism as well in the region.

“We don't need to compete, we can complement and that's important.”

Joint development of solar power for the benefit of the entire region could be a key area of co-operation for the UAE and Israel, he said. Food security is also another important sector for the Middle East being discussed by the UAE and Israel.

The two countries are approaching the opportunity presented by the accord with “an attitude of excitement, curiosity, and a lot of ambiguity”.

The UAE has been looking at how it can be more agile and adaptive in the wake of the global Covid-19 pandemic, he said. The plan for the future of the economy after it has subsided is to diversify its mix further and ensure it is fit for what will be needed a decade from now, Mr Al Marri said.

Investment in research and development was the most critical factor in helping economies to pick back up.

“Simple as that investment in R&D technology that will take you further. I think that's the most important part. Another part is reducing tariffs on trade. That would help us as well to trade faster and get the economy back on recovery straightaway,” he said.