Dubai free zone inks Israeli deal to drive 'boundless growth opportunities'

DP World chairman and CEO says hails agreement between Jebel Ali Free Zone and The Federation of Israeli Chambers of Commerce

Jebel Ali Free Zone (Jafza), the business and logistics hub in Dubai.

A tie-up between DP World’s flagship free zone in Dubai and Israeli businesses will help drive “boundless growth opportunities”, according to Sultan Ahmed Bin Sulayem, its chairman and CEO.

Jebel Ali Free Zone (Jafza), the business and logistics hub, has entered into an agreement with The Federation of Israeli Chambers of Commerce (FICC) to support businesses and encourage economic cooperation.

Sulayem (pictured below) said: “The recent development in the UAE’s and Israel’s bilateral agreements has opened up new avenues in an array of sectors. We at DP World, welcome this trailblazing move that will provide boundless growth opportunities.

“The establishment of direct ties between two dynamic and advanced economies in the Middle East will undoubtedly provide impetus to economic growth, transforming the business landscape in the UAE. Israel has phenomenal innovation and technological capabilities, whereas the UAE holds a prime position in the world of global trade and is one of the greatest business hubs in the world.”

The MoU follows the normalisation of relations between UAE and Israel. As part of the deal, both sides will deploy efforts to boost the expansion of contacts and foster new ties between partners of the UAE and Israel with an aim to promote trade.

According to the World Bank, the UAE is ranked fifth in the world with a gross domestic product purchasing power per capita of $74,000. In the first quarter of 2020, the country’s GDP amounted to AED368.52 billion.

Sulayem added: “We are hopeful that these figures will see a significant rise as this alliance has tremendous potential. We are optimistic that this agreement will bolster businesses and amplify trade in the UAE, Israel, and the wider region.”

Uriel Lynn, president, FICC, said: “The signing of the MOU with Jafza is a historic event that will go down in history as an example what can be achieved in our world if two countries are bent on creating more prosperity for their people.

“It will be a mutually advantageous for Dubai and the Israeli business community, as more businesses will utilise the developed facilities and services in Jafza and create a bridgehead for the Israeli business sector to enhance its foreign trade in products and services.”

He added: “The message of peace will take a form of working together for the people of both countries. The diplomatic breakthrough has paved a way to spur economic growth in both countries. Trade ties will definitely benefit both sides as Israel and the UAE have an enviable list of achievements and great potential, and we hope to utilise this prowess to boost growth.

“We share a similar outlook with Jafza, regarding opportunities and the commitment to promote economic stability. Our main goal is to create a forum to promote economic cooperation and create new opportunities for businesses in both countries.

“Strengthening business ties and enhancing collaboration over time is also one of the primary objectives. We hope this partnership will propel both countries to an all-new level of prosperity.”

The agreement comes a day after the FICC hooked up with Dubai Chamber of Commerce and Industry on a partnership that paves the way for bilateral cooperation.

Under the terms of the agreement, both parties will produce a joint study identifying synergies and sectors of mutual interest.

They will also create a roadmap of virtual events, commit to organising a business delegation and mutual visits, host a joint business forum and support new businesses, start-ups, and scale-ups with readily available resources and programmes.

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