Dubai International Chamber, one of three Chambers operating under Dubai Chambers, has announced plans to open a representative office in Tel Aviv to facilitate trade and investment between the Dubai and Israeli business communities.
The announcement was made at a recent meeting at the Chamber’s headquarters, which was attended by H.E. Hamad Buamim, President & CEO of Dubai Chambers, H.E. Mrs. Orna Barbivay, Israeli Minister of Economy and Industry, and H.E. Amir Hayek, Israel’s Ambassador to the UAE, as well as representatives from the embassy, ministry, and Dubai Chambers.
H.E Mrs Orna Barbivay, Israeli Minister of Economy and Industry said: “Last week, on behalf of the Government of Israel, I signed the CEPA (Comprehensive Economic Partnership Agreement) between Israel and the UAE. In a meeting I conducted later on with HE Hamad Buamim, President and CEO of Dubai Chambers, HE Hamad Buamim announced our mutual goals to bring about rapid promotion of economic cooperation,” and said the UAE-Israel partnership agreement and Dubai International Chamber’s announcement reflects the strong commitment which both countries attach to strengthening economic ties and creating new opportunities for business.
Mr. Amir Hayek, Israel’s Ambassador to the Emirates, described the signing of the trade agreement as a historic step that opens up business opportunities for both of our countries, and noted that the decision of the Dubai International Chamber to establish a representative office in Israel is a significant step toward promoting cooperation between the two countries and their business communities.
“By expanding our presence into Israel, we will be well positioned to achieve the objectives of the Comprehensive Economic Partnership Agreement signed by the UAE and Israel, build new bridges between the two business communities and boost non-oil trade to reach $10 billion annually within the next five years,” said Buamim.
H.E. Buamim emphasized the significance of promoting Dubai as a global gateway for Israeli companies and attracting foreign investment in key mutually beneficial sectors such as digital economy, information technology, artificial intelligence, smart services, agricultural and food technologies, and space sciences.
The President and CEO of Dubai Chambers stated that trade will continue to be an economic cooperation between Dubai and Israel, and that Israel is a strategic market for Dubai, adding that it is expected to become one of Dubai’s top 10 trading partners within a few years, especially since the Dubai International Chamber, as part of its strategy, has identified the Israeli market as one of the 30 priority markets.
He stated that the office will work to achieve the goals outlined in the Dubai Foreign Trade Plan, which was announced by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, and aims to increase Dubai’s non-oil trade to AED 2 trillion within five years.
The new Tel Aviv office will identify business and investment opportunities that have the most potential for Dubai-based companies, as well as assist Israeli companies in entering the Dubai market and leveraging the emirate to expand their reach into markets across the GCC, Africa, and Asia.
The announcement of the Israel office comes after the Dubai International Chamber’s Board of Directors recently approved its new three-year strategy to elevate Dubai’s position as a global business hub and preferred market for multinational companies.
