Bin Touq affirms significant growth in Uae-israeli business relations since signing of Abraham Accords

ABU DHABI, 13th September, 2021 Abdullah bin Touq Al Marri, Minister of Economy, has held a virtual dialogue session with the American Atlantic Council, a non-partisan think tank headquartered in Washington. The meeting reviewed the growth of Uae-israeli relations nearly a year after the signing of the Abraham Accords. Bin Touq said that the Abraham Accords provided a constructive ground for achieving exceptional growth and significant achievements in the economic partnership between the two countries and the launch of trade and investment cooperation ties between the UAE and Israel at a rapid pace in record time. He added that it is an important catalyst in achieving further growth and prosperity in the Uae-israeli relations and in the region. He said that the UAE, under the directives of its wise leadership, believes that the future of regional security depends on strong multilateral economic partnerships and a shared commitment to achieve stability and prosperity, and the Abraham Accords help fulfil these aspirations. Bin Touq added, "The Abraham Accords generate wide and diversified economic opportunities for both the UAE and Israel, and within one year a good non-oil trade exchange rate of nearly US$700 million was achieved. In addition, nearly 60 major agreements between the concerned authorities in the two countries were signed at the government and private sector levels, apart from academic, cultural, research and other institutions. They cover a number of important future sectors that play a great important role on the economic agenda of the two countries, such as science and technology, artificial intelligence techniques, tourism, logistics, transportation, healthcare, energy, environment, research and development, modern agriculture, water solutions and irrigation. "The efforts of the two countries in this regard are continuing and the next stage will witness more agreements and memoranda of understanding to further expand the scope of economic, trade and investment cooperation between the two countries and to achieve new levels of progress in the growing relations between them," he continued. Furthermore, Bin Touq pointed out that the growth of economic and commercial activity, and the increase in tourism exchange and the flow of investments between the two countries would enhance growth and opportunities on a broader regional scale by pushing for greater economic integration among the countries of the region. This includes all sectors and will contribute to increasing opportunities for youth and laying the foundations for a more prosperous and sustainable future in various countries of the region. Bin Touq also underlined that the UAE'S hosting of Expo 2020 Dubai next month is an opportunity to give a great boost to Uae-israeli relations and to attract larger numbers of businessmen and companies from Israel to showcase their products, services and innovations in various sectors. "It will also serve as a platform to better inform them of various business and investment opportunities at the regional and global level through direct communication with global companies and delegations at Expo 2020 Dubai. The event will also contribute to attracting more Israeli tourists to the UAE and increase the rates of tourism and cultural exchange between the two countries, which will support their common interests." Bin Touq explained that the UAE has fully completed its preparations to receive world delegations Expo 2020 Dubai while fully maintaining health and safety standards and precautionary measures against COVID-19 in accordance with the best international standards. He noted that the UAE is among the world's top 10 countries in the world with regards to the rate of vaccination against COVID-19, and among the world's leading countries in terms of the number of daily COVID-19 screenings per capita. Bin Touq further affirmed that all facilities will be provided to the UAE’S guests, including ensuring the full readiness of the infrastructure, the hospitality sectors, hotels and services, including digital services and ICT applications, to ensure a unique and distinct experience for Expo 2020 Dubai attendees, including companies, businessmen, tourists and others. The virtual session took place on the sidelines of an official visit by a highlevel economic delegation from the UAE to the USA, headed by Bin Touq, that aimed to set new frameworks for cooperation in all fields. The visit is also aimed at creating broader trade and investment paths to drive the efforts of the two countries in accelerating economic recovery and restoring growth rates in the POSTCOVID-19 phase.