On September 15, 2020, the foreign ministers of the UAE and Bahrain joined Israel's prime minister on the lawn of the White House. The trio had shocked the world by signing the Abraham Accords, one of the most significant diplomatic achievements in the history of the modern Middle East.
For its more than 70 years of existence, Israel had known mostly enmity with its Arab neighbours. Only Egypt and Jordan recognised Israel’s existence, and that came as the result of bloody wars.
The Abraham Accords promised something far better: peace built on “mutual understanding and coexistence” – Israel finally had its first Arab friends.
The fifth paragraph of the accords detailed how the signatories planned to build this relationship: “We support science, art, medicine and commerce to inspire humankind, maximise human potential and bring nations closer together.”
Three years on, venture capitalist Sabah Al Binali of OurCrowd – the first Emirati partner at an Israeli firm – sat down with The National to give his assessment of the current state of UAE-Israel commerce.
“I believe the potential of the accords is much bigger than many think,” he says from his office in Abu Dhabi.
But Mr Al Binali is not starry-eyed – it has been a rocky start. Business is still business, and three years on, he thinks there is lots of work and introspection to be done.
“There’s a phrase in venture capital to describe a problem many tech companies face: the valley of death. It’s when a firm sees an opportunity and has developed something, but hasn’t yet got market validation,” he explained.
“They get overexcited, and then things drop suddenly. I believe we find ourselves in such a place.
“There was a big flurry of meetings at the beginning. But meetings aren’t activity. Activity is learning what each side wants and finding commonalities.”
It is not an admission of defeat. Bilateral trade between the UAE and Israel still reached more $2.5 billion in 2022.
But Mr Al Binali says it is crucial to learn from early growing pains if the commercial side of the accords is to grow in the years ahead.
“Many people thought it would take a shorter time to fulfil commercial potential than I ever did,” he said.
It is important to remember that the UAE and Israel were markets that had never met. They needed time to get to know each other and figure out how to work together
Sabah Al Binali,
partner at Israeli firm OurCrowd
“It is important to remember that the UAE and Israel were markets that had never met. They needed time to get to know each other and figure out how to work together.”
Early optimism caused a rush, and in that rush, not enough commercial players have “rolled up their sleeves and taken time to understand the other side”.
Stereotypes went unchallenged, leading to many companies misunderstanding the moment and quite how big, and also complex, the opportunity really was.
Mr Al Binali believes one of the main stereotypes that still lingers is that “innovation and technology comes from Israel and that capital comes from the UAE”.
“That’s limiting and untrue. The Emirates has innovation in services, freight, hotels and airlines, for example, and Israel has significant capital access from around the world,” he said.
“People talk about high expectations that fell short. I disagree. One part of the expectation fell short because people got overexcited about the time it would take to learn to work with each other.”
Life before venture capital might have helped Mr Al Binali adjust sooner than others. Israel and the Jewish world was not a surprise for him.
“I spent 10 years in the US as an undergraduate at Princeton University where there’s a big Jewish community. I made a lot of friends there. I then went to Columbia University for graduate school, where my supervisor was Israeli,” he said.
When OurCrowd approached him soon after the accords were signed, rather than starting to scramble for deals, the firm opened OurCrowd Arabia, an outpost that Mr Al Binali said was crucial to both sides understanding one another.
“Other enterprises came in never having worked with each other, and with certain preconceived notions,” he added.
“There’s nothing necessarily wrong with that. It’s how start-ups work. You have a preconceived notion, you test it, and it very rarely works the first time. So you adjust.
“On the whole, that adjustment hasn’t been happening, except in our case. I hope others start doing it, particularly as we start showing how the process works.”
In the short to medium term, Mr Al Binali thinks this adjustment phase creates favourable conditions for “a few focused companies” rather than the high number of “very large groups” that rushed in during the early, giddy days right after the accords.
“You can’t rush markets and economies. They’re like huge anchors … But I still think that this is going to pay off in a big way,” he said.
“It goes back to how to find an operating model that works for all the stakeholders.”
Even the successful pioneers of UAE-Israel commerce have not found that model yet. But Mr Al Binali does have a benchmark for success in the years ahead.
“At the 10-year anniversary of the Abraham Accords, I don’t just want to see more Emirati companies going to Israel and more Israeli companies coming to the Emirates,” he said.
“I want to see Emiratis and Israelis working together, building companies and bringing their different but complementary skill sets, networks and visions to build truly sustainable companies.”
The biog
Favourite films: Casablanca and Lawrence of Arabia
Favourite books: Start with Why by Simon Sinek and Good to be Great by Jim Collins
Favourite dish: Grilled fish
Inspiration: Sheikh Zayed's visionary leadership taught me to embrace new challenges.
CREW
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Lexus LX700h specs
Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor
Power: 464hp at 5,200rpm
Torque: 790Nm from 2,000-3,600rpm
Transmission: 10-speed auto
Fuel consumption: 11.7L/100km
On sale: Now
Price: From Dh590,000
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
Honeymoonish
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Dust and sand storms compared
Sand storm
- Particle size: Larger, heavier sand grains
- Visibility: Often dramatic with thick "walls" of sand
- Duration: Short-lived, typically localised
- Travel distance: Limited
- Source: Open desert areas with strong winds
Dust storm
- Particle size: Much finer, lightweight particles
- Visibility: Hazy skies but less intense
- Duration: Can linger for days
- Travel distance: Long-range, up to thousands of kilometres
- Source: Can be carried from distant regions
Mohammed bin Zayed Majlis
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MISSION: IMPOSSIBLE – FINAL RECKONING
Director: Christopher McQuarrie
Starring: Tom Cruise, Hayley Atwell, Simon Pegg
Rating: 4/5
BMW M5 specs
Engine: 4.4-litre twin-turbo V-8 petrol enging with additional electric motor
Power: 727hp
Torque: 1,000Nm
Transmission: 8-speed auto
Fuel consumption: 10.6L/100km
On sale: Now
Price: From Dh650,000
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Killing of Qassem Suleimani
The specs
Engine: 2-litre or 3-litre 4Motion all-wheel-drive Power: 250Nm (2-litre); 340 (3-litre) Torque: 450Nm Transmission: 8-speed automatic Starting price: From Dh212,000 On sale: Now
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The five pillars of Islam
Mohammed bin Zayed Majlis
The burning issue
The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE.
Read part four: an affection for classic cars lives on
Read part three: the age of the electric vehicle begins
Read part one: how cars came to the UAE
The specs
Price, base / as tested Dh1,470,000 (est)
Engine 6.9-litre twin-turbo W12
Gearbox eight-speed automatic
Power 626bhp @ 6,000rpm
Torque: 900Nm @ 1,350rpm
Fuel economy, combined 14.0L / 100km
What are the GCSE grade equivalents?
- Grade 9 = above an A*
- Grade 8 = between grades A* and A
- Grade 7 = grade A
- Grade 6 = just above a grade B
- Grade 5 = between grades B and C
- Grade 4 = grade C
- Grade 3 = between grades D and E
- Grade 2 = between grades E and F
- Grade 1 = between grades F and G
Key figures in the life of the fort
Sheikh Dhiyab bin Isa (ruled 1761-1793) Built Qasr Al Hosn as a watchtower to guard over the only freshwater well on Abu Dhabi island.
Sheikh Shakhbut bin Dhiyab (ruled 1793-1816) Expanded the tower into a small fort and transferred his ruling place of residence from Liwa Oasis to the fort on the island.
Sheikh Tahnoon bin Shakhbut (ruled 1818-1833) Expanded Qasr Al Hosn further as Abu Dhabi grew from a small village of palm huts to a town of more than 5,000 inhabitants.
Sheikh Khalifa bin Shakhbut (ruled 1833-1845) Repaired and fortified the fort.
Sheikh Saeed bin Tahnoon (ruled 1845-1855) Turned Qasr Al Hosn into a strong two-storied structure.
Sheikh Zayed bin Khalifa (ruled 1855-1909) Expanded Qasr Al Hosn further to reflect the emirate's increasing prominence.
Sheikh Shakhbut bin Sultan (ruled 1928-1966) Renovated and enlarged Qasr Al Hosn, adding a decorative arch and two new villas.
Sheikh Zayed bin Sultan (ruled 1966-2004) Moved the royal residence to Al Manhal palace and kept his diwan at Qasr Al Hosn.
Sources: Jayanti Maitra, www.adach.ae
Know your Camel lingo
The bairaq is a competition for the best herd of 50 camels, named for the banner its winner takes home
Namoos - a word of congratulations reserved for falconry competitions, camel races and camel pageants. It best translates as 'the pride of victory' - and for competitors, it is priceless
Asayel camels - sleek, short-haired hound-like racers
Majahim - chocolate-brown camels that can grow to weigh two tonnes. They were only valued for milk until camel pageantry took off in the 1990s
Millions Street - the thoroughfare where camels are led and where white 4x4s throng throughout the festival
The years Ramadan fell in May
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LILO & STITCH
Starring: Sydney Elizebeth Agudong, Maia Kealoha, Chris Sanders
Director: Dean Fleischer Camp
Rating: 4.5/5
KILLING OF QASSEM SULEIMANI
Six large-scale objects on show
- Concrete wall and windows from the now demolished Robin Hood Gardens housing estate in Poplar
- The 17th Century Agra Colonnade, from the bathhouse of the fort of Agra in India
- A stagecloth for The Ballet Russes that is 10m high – the largest Picasso in the world
- Frank Lloyd Wright’s 1930s Kaufmann Office
- A full-scale Frankfurt Kitchen designed by Margarete Schütte-Lihotzky, which transformed kitchen design in the 20th century
- Torrijos Palace dome
Zayed Sustainability Prize
Mohammed bin Zayed Majlis
Who has been sanctioned?
Daniella Weiss and Nachala
Described as 'the grandmother of the settler movement', she has encouraged the expansion of settlements for decades. The 79 year old leads radical settler movement Nachala, whose aim is for Israel to annex Gaza and the occupied West Bank, where it helps settlers built outposts.
Harel Libi & Libi Construction and Infrastructure
Libi has been involved in threatening and perpetuating acts of aggression and violence against Palestinians. His firm has provided logistical and financial support for the establishment of illegal outposts.
Zohar Sabah
Runs a settler outpost named Zohar’s Farm and has previously faced charges of violence against Palestinians. He was indicted by Israel’s State Attorney’s Office in September for allegedly participating in a violent attack against Palestinians and activists in the West Bank village of Muarrajat.
Coco’s Farm and Neria’s Farm
These are illegal outposts in the West Bank, which are at the vanguard of the settler movement. According to the UK, they are associated with people who have been involved in enabling, inciting, promoting or providing support for activities that amount to “serious abuse”.
The studios taking part (so far)
- Punch
- Vogue Fitness
- Sweat
- Bodytree Studio
- The Hot House
- The Room
- Inspire Sports (Ladies Only)
- Cryo
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RESULTS
6.30pm: Emirates Holidays Maiden (TB) Dh 82,500 (Dirt) 1,900m
Winner: Lady Snazz, Richard Mullen (jockey), Satish Seemar (trainer).
7.05pm: Arabian Adventures Maiden (TB) Dh 82,500 (D) 1,200m
Winner: Zhou Storm, Connor Beasley, Ali Rashid Al Raihe.
7.40pm: Emirates Skywards Handicap (TB) Dh 82,500 (D) 1,200m
Winner: Rich And Famous, Royston Ffrench, Salem bin Ghadayer.
8.15pm: Emirates Airline Conditions (TB) Dh 120,000 (D) 1,400m
Winner: Rio Angie, Sam Hitchcock, Doug Watson.
8.50pm: Emirates Sky Cargo (TB) Dh 92,500 (D) 1,400m
Winner: Kinver Edge, Richard Mullen, Satish Seemar.
9.15pm: Emirates.com (TB) Dh 95,000 (D) 2,000m
Winner: Firnas, Xavier Ziani, Salem bin Ghadayer.
Killing of Qassem Suleimani
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2025 Fifa Club World Cup groups
Group A: Palmeiras, Porto, Al Ahly, Inter Miami.
Group B: Paris Saint-Germain, Atletico Madrid, Botafogo, Seattle.
Group C: Bayern Munich, Auckland City, Boca Juniors, Benfica.
Group D: Flamengo, ES Tunis, Chelsea, Leon.
Group E: River Plate, Urawa, Monterrey, Inter Milan.
Group F: Fluminense, Borussia Dortmund, Ulsan, Mamelodi Sundowns.
Group G: Manchester City, Wydad, Al Ain, Juventus.
Group H: Real Madrid, Al Hilal, Pachuca, Salzburg.
KILLING OF QASSEM SULEIMANI
