UAE, Israel plan deals to boost economy in Palestinian areas
Officials see up to $550m as potential value of business engagements
The UAE and Israel are in talks to include some Palestinian areas in their bilateral economic engagements for the benefit of Palestinians, a top UAE official has revealed.
“We have discussed this today with my Israel counterpart and we are working on something,” Abdullah Bin Touq Al Marri, UAE Minister of Economy, said at an online event organised by the Atlantic Council, a nonpartisan organisation in the US yesterday.
The minister said this in response to a question from
Amjad Ahmad, Director, empowerME, Rafik Hariri Centre for the Middle East, Atlantic Council, who moderated the event. Asked for details, Al Marri said, “We are in talks and that is part of my agenda as well”.
About some Israeli officials putting $500 million as the potential value of the UAE-Israeli economic engagements, he said: “We are in calculation. I don’t have figures with me; we will announce it very soon.”
However, he estimates that between $300 million and $550 million worth businesses will emerge as part of the deal. “An exact figure will come later,” the minister added. The deal between both countries will not cause any competition but complement each other’s economic interests, he explained.
Regarding potential accelerators for post-Covid economic recovery in the UAE, Al Marri said research and development, and technology sectors would play that role. Reducing tariff on trade will also help the UAE economy’s recovery, he added.
Concluding his visit to Washington, DC, for the historic signing of the UAE-Israel Peace Accord, Shaikh Abdullah Bin Zayed Al Nahyan, Minister of Foreign Affairs and International Cooperation, met with US Secretary of State Mike Pompeo and senior Members of Congress.
During meetings with Secretary Pompeo and Congressional leaders, Shaikh Abdullah underscored how the UAE-Israel Accord will advance regional peace and stability by halting annexation and creating new energy for positive change across the Middle East.
The officials also discussed bilateral relations between the UAE and the US, reaffirming a shared commitment to cooperate on efforts to prevent the spread of Covid-19, promote peace and security in the Arabian Gulf, counter extremism and deter threats to regional stability.
Overwhelming support
Shaikh Abdullah briefed senior US Congressional leaders, including Senator Lindsay Graham, Senator Todd Young, Senator Ben Cardin and Senator Bob Menendez, and Chair of House Armed Services Committee Rep. Adam Smith.
During the briefings Shaikh Abdullah thanked the Members of Congress for their leadership and overwhelming support for the UAE-Israel accord, while also underscoring the UAE’s long-standing commitment to the Palestinian people. In addition, Shaikh Abdullah underscored the importance of the decades-long UAE-US partnership, which he called the UAE’s most important and strategic relationship. He noted that for over a decade the UAE has remained the largest export market for US goods and services in the Middle East.
Yousuf Al Otaiba, UAE Ambassador to the US, Reem Ebrahim Al Hashemi, Minister of State for International Cooperation, and Ali Saeed Al Neyadi, Commissioner of Customs and Chairman of the Federal Customs Authority, participated in the meeting with Secretary Pompeo.
Ambassador Al Otaiba and Minister Al Hashemi also joined
Shaikh Abdullah for the Congressional briefings.
India welcomes deal
Meanwhile, India yesterday welcomed the agreement for normalisation of ties between Israel, UAE and Bahrain while also reiterating support for the Palestinian cause.
“We have followed the Abraham Accord between Israel, UAE, Bahrain and the US. India has always supported peace and stability in West Asia. We welcome these agreements for normalisation of relations between Israel, UAE and Bahrain,” Ministry of External Affairs Spokesperson Anurag Srivastava said.