Dubai Chamber and Federation of Israeli Chambers discuss economic ties

The Israeli trade mission will meet several Dubai entities in an effort to familiarise itself with the emirate's business environment

Hamad Buamim, president and chief executive Dubai Chamber, says there is huge potential for Dubai-Israel trade relations. Jeffrey E Biteng / The National

The Dubai Chamber of Commerce and Industry held talks with a delegation of the Federation of Israeli Chambers of Commerce (FICC) as the two trade bodies explore the prospect of stronger economic ties between Dubai and Israel.

The delegation's visit is part of a trade mission organised this week by Dubai Chamber, which aims to familiarise Israeli businesses with Dubai’s economy, its business environment and the competitive advantage it offers to foreign investors, it said in a statement on Monday.

The delegation will meet with officials from Dubai Exports, Dubai Airport Free Zone, Dubai South, Expo 2020 Dubai, Jebel Ali Free Zone, DP World, Dubai Future Foundation, Dubai World Trade Centre and Dubai Multi Commodities Centre throughout this week. Israeli trade representatives will also visit the Sheikh Mohammed Centre for Cultural Understanding.

The visit is in line with the Dubai Chamber’s efforts to maximise opportunities for the private sector in the emirate and create fertile ground for investments from local, regional and international stakeholders.

The Israeli delegation, headed by Uriel Lynn, president of the FICC, includes David Castel, chief executive of Haifa Chamber of Commerce and other senior officials from the FICC. Adiv Baruch, chairman of Israel Export & International Cooperation Institute and other senior officials are also part of the delegation.
Hamad Buamim, president and chief executive of Dubai Chamber, said there is huge potential for Dubai-Israel trade relations and opportunities for companies on both sides to forge mutually beneficial partnerships to capitalise on new market opportunities.

Growing demand for high-tech, medical and pharmaceutical as well as electronic products in the UAE is creating investment opportunities, which Israeli companies can benefit from given their strong expertise and advance solutions in these fields, Mr Buamim said.

Sustainable agriculture, food security, banking, FinTech, cybersecurity and space economy have also been identified as high-potential areas where the UAE and Israel can build new partnerships, he added.

The Israeli trade mission visit comes two months after Dubai Chamber and Tel Aviv Chamber of Commerce, represented by the FICC, signed a strategic partnership agreement for bilateral economic cooperation.