Trade between the Emirates and Israel exceeded $2.5 billion in less than two years, of which more than $1bn was recorded in the first quarter of this year, the UAE’s Minister of State for Foreign Trade said in Davos.
In September 2020, the UAE, Israel, Bahrain and the US signed the Abraham Accords peace agreement.
“Usually, the economy and the growth are always associated with peace and stability,” said Dr Thani Al Zeyoudi, during a discussion about the impact of the accords, at the World Economic Forum’s annual meeting in the Swiss resort.
“If we look at the numbers, what has been achieved in the last two years after the signing of the Abraham Accords, we are moving towards the right direction.
“In the last two years, the trade volume between UAE and Israel exceeded $2.5bn, this [in less] than two years. And only in the first quarter of 2022, we already exceeded $1bn, which means that this year, we’re going to exceed the $2bn.”
More than 65 deals and preliminary agreements have been signed between the UAE and Israel so far, he said.
“The expectation based on one of the surveys that has been conducted by the Israeli-UAE [Business] Council [is that] more than 1000 [Israeli] companies are going to be based [in the UAE] this year,” Dr Al Zeyoudi said.
A Comprehensive Economic Partnership Agreement (Cepa) between the two countries is set to be signed next week, which is forecast to boost the UAE’s economy by at least $2bn, he said.
The UAE signed a similar agreement in February with India, Asia’s third-largest economy, that is expected to boost non-oil trade between the two nations to $100bn in five years, from $60bn currently.
As part of the UAE's strategy to strengthen relations with key trading partners, it is currently in Cepa negotiations with Indonesia, the biggest economy in South-East Asia.
A similar deal is being negotiated with South Korea, which is expected to be finalised by the end of 2022. The agreement with South Korea aims to enhance the economic partnership between the two countries to a minimum of $20bn in the next three to five years.
“We are about to sign the free trade agreement between UAE and Israel, which has been concluded in less than four and a half months of [talks] in relations, which only diplomatically has [been going for] 18 months,” said Dr Al Zeyoudi.
“[This] sends a strong message that economy and trade are going to one of the main objectives of the Abraham Accords.”
Trade between the two countries is forecast to reach $5bn annually, he said.
“Next year or the year after, we are going to hit that [level] on [the back of] the free trade agreement. We are going to double, treble those numbers [eventually],” said Dr Al Zeyoudi.
Beyond trade, a key area of collaboration between the UAE and Israel is related to water scarcity, he said. There is also UAE investment in Israeli gas and in renewable energy.
The health sector is another important area, with agreements in the private sector expected to be announced soon.
“We are expecting huge investment in green developments of up to $500 million in the coming few years,” said Dr Al Zeyoudi.
During the discussion, Bahrain’s adviser on diplomatic affairs to the King of Bahrain, Sheikh Khalid bin Ahmed, a former foreign minister, outlined areas of co-operation between the Gulf country and Israel.
“We have a lot of talks with research centres, to work together between the young researchers [and] we have talks to open up in the health sector,” he said. “In many trade sectors, we are working very hard and things are moving also in the right direction.”
Sheikh Khalid said for the long-term success of the Abraham Accords, it is critical to do more to support the aspirations of the Palestinian people.
“First and foremost, to give the best push for our Abraham Accords to solidify, is to do more effort to help the Palestinians to achieve their aspirations and also to open up their potential for what they can do for their own country,” he said.
“I think if we do more effort in this regard, that will be very helpful and that will send a message to the rest of the world where the issue of Palestine is very alive.”
Sheikh Khalid said Bahrain is still committed to the Saudi-sponsored Arab Peace Initiative of 2002, in which Arab states offered Israel normalised ties in return for a statehood deal with the Palestinians and full Israeli withdrawal from territory captured in 1967.
“We have always maintained our position that we will help [the Palestinians] and support them in achieving their aspirations, statehood, independence, achieving whatever they will want to achieve for themselves, education of prosperity of enabling them to, you know, open up all their potential to build their own society,” Sheikh Khalid said.
if you go
The flights
Air France offer flights from Dubai and Abu Dhabi to Cayenne, connecting in Paris from Dh7,300.
The tour
Cox & Kings (coxandkings.com) has a 14-night Hidden Guianas tour of Guyana, Suriname and French Guiana. It includes accommodation, domestic flights, transfers, a local tour manager and guided sightseeing. Contact for price.
Abu Dhabi Equestrian Club race card
5pm: Abu Dhabi Fillies Classic (PA) Prestige; Dh110,000; 1,400m
5.30pm: Abu Dhabi Colts Classic (PA) Prestige; Dh110,000; 1,400m
6pm: Maiden (PA); Dh80,000; 1,600m
6.30pm: Abu Dhabi Championship (PA) Listed; Dh180,000; 1,600m
7pm: Wathba Stallions Cup (PA) Handicap; Dh70,000; 2,200m
7.30pm: Handicap (PA); Dh100,000; 2,400m
House-hunting
Top 10 locations for inquiries from US house hunters, according to Rightmove
- Edinburgh, Scotland
- Westminster, London
- Camden, London
- Glasgow, Scotland
- Islington, London
- Kensington and Chelsea, London
- Highlands, Scotland
- Argyll and Bute, Scotland
- Fife, Scotland
- Tower Hamlets, London
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%3Cp%3E%3Cstrong%3EDirector%3A%3C%2Fstrong%3E%20Taika%20Waititi%C2%A0%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStars%3A%3C%2Fstrong%3E%20Chris%20Hemsworth%2C%20Natalie%20Portman%2C%20Christian%20Bale%2C%20Russell%20Crowe%2C%20Tessa%20Thompson%2C%20Taika%20Waititi%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%204%2F5%3C%2Fp%3E%0A
SPECS
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The Bio
Amal likes watching Japanese animation movies and Manga - her favourite is The Ancient Magus Bride
She is the eldest of 11 children, and has four brothers and six sisters.
Her dream is to meet with all of her friends online from around the world who supported her work throughout the years
Her favourite meal is pizza and stuffed vine leaves
She ams to improve her English and learn Japanese, which many animated programmes originate in
Pakistan v New Zealand Test series
Pakistan: Sarfraz (c), Hafeez, Imam, Azhar, Sohail, Shafiq, Azam, Saad, Yasir, Asif, Abbas, Hassan, Afridi, Ashraf, Hamza
New Zealand: Williamson (c), Blundell, Boult, De Grandhomme, Henry, Latham, Nicholls, Ajaz, Raval, Sodhi, Somerville, Southee, Taylor, Wagner
Umpires: Bruce Oxerford (AUS) and Ian Gould (ENG); TV umpire: Paul Reiffel (AUS); Match referee: David Boon (AUS)
Tickets and schedule: Entry is free for all spectators. Gates open at 9am. Play commences at 10am
Global state-owned investor ranking by size
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United States
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China
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UAE
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Japan
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Norway
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Canada
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Singapore
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Australia
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Saudi Arabia
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South Korea
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Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
Temple numbers
Expected completion: 2022
Height: 24 meters
Ground floor banquet hall: 370 square metres to accommodate about 750 people
Ground floor multipurpose hall: 92 square metres for up to 200 people
First floor main Prayer Hall: 465 square metres to hold 1,500 people at a time
First floor terrace areas: 2,30 square metres
Temple will be spread over 6,900 square metres
Structure includes two basements, ground and first floor
UAE currency: the story behind the money in your pockets
The biog
Favourite film: The Notebook
Favourite book: What I know for sure by Oprah Winfrey
Favourite quote: “Social equality is the only basis of human happiness” Nelson Madela. Hometown: Emmen, The Netherlands
Favourite activities: Walking on the beach, eating at restaurants and spending time with friends
Job: Founder and Managing Director of Mawaheb from Beautiful Peopl
Ziina users can donate to relief efforts in Beirut
Ziina users will be able to use the app to help relief efforts in Beirut, which has been left reeling after an August blast caused an estimated $15 billion in damage and left thousands homeless. Ziina has partnered with the United Nations High Commissioner for Refugees to raise money for the Lebanese capital, co-founder Faisal Toukan says. “As of October 1, the UNHCR has the first certified badge on Ziina and is automatically part of user's top friends' list during this campaign. Users can now donate any amount to the Beirut relief with two clicks. The money raised will go towards rebuilding houses for the families that were impacted by the explosion.”
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
Safety 'top priority' for rival hyperloop company
The chief operating officer of Hyperloop Transportation Technologies, Andres de Leon, said his company's hyperloop technology is “ready” and safe.
He said the company prioritised safety throughout its development and, last year, Munich Re, one of the world's largest reinsurance companies, announced it was ready to insure their technology.
“Our levitation, propulsion, and vacuum technology have all been developed [...] over several decades and have been deployed and tested at full scale,” he said in a statement to The National.
“Only once the system has been certified and approved will it move people,” he said.
HyperloopTT has begun designing and engineering processes for its Abu Dhabi projects and hopes to break ground soon.
With no delivery date yet announced, Mr de Leon said timelines had to be considered carefully, as government approval, permits, and regulations could create necessary delays.
