Israel to open economic office in Abu Dhabi to boost Gulf investment

Labor Party leader Amir Peretz speaks at a conference ahead of the national elections, which will be held on September 17 in Tel Aviv, Israel, on September 5, 2019. REUTERS / Nir Elias

Israel plans to open an economic attaché office in Abu Dhabi this summer to attract foreign investment and strengthen economic ties with the Gulf states and the wider Arab world, the Ministry of Economic Affairs said on Tuesday.

This follows a US-brokered normalization of relations between Israel and the United Arab Emirates (UAE) last September, which has resulted in a number of bilateral banking deals and direct flights between the two countries.

An Emirati embassy opened in Tel Aviv on Monday while the Israeli finance ministry said Israel and the United Arab Emirates had signed a tax treaty to boost business between the countries. Continue reading

Economics Minister Amir Peretz sees “enormous economic potential” in strengthening Israeli-Emirati relations.

“The opening of the economic attaché will give a significant boost to the various initiatives that are already underway,” added Peretz.

Israel’s Foreign Trade Administration (FTA), part of the Department of Commerce, operates in more than 50 business centers around the world. A branch was opened in Manila last year.

Aviad Tamir will be the UAE economic attaché, the ministry said.

The free trade agreement last year identified significant economic potential for the Israeli economy from ties with the UAE, including strengthening Israeli-Gulf air transport links, oil imports, energy solutions, diamond exports, medical device exports, water technologies and exports of financial and cybersecurity technologies.

The new offices in the United Arab Emirates “will be appreciated given the great interest shown by Emirates, which has a long line of Israeli technologies, and the large capital in the United Arab Emirates that can be turned into significant investments in the Israeli economy, achieve substantial returns ”. and industry, “said FTA Director Ohad Cohen.

Israel recently normalized relations with Bahrain as well.

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