Emirates: Business ties between the UAE and Israel will make the region more secure and also make people's lives better, said Sultan Ahmed bin Sulayem, group chairman and CEO of DP World.

"We have been wasting our time in confrontation, cold and hot wars. We believe that this new relationship between the two countries is going to strengthen the position in resolving the issues. The UAE is looking at opportunities that can come out of this (new relationship) that help both (the countries)," said bin Sulayem.

"I think any development in business between the UAE and Israel is going to have a positive effect on the region as it'll create opportunities and everybody will benefit," he told CNN in an interview on Tuesday.

The UAE and Israel have normalised ties which will benefit businesses in both the countries across a range of sectors including technology, defense, travel and tourism and logistics among others.

During the first official visit of a high-level Israeli delegations to the UAE this month, the global port operator signed a deal with Israel's DoverTower to bid for one of Israel's two main ports and to examine opening a direct shipping line between the two Middle Eastern countries. In addition, Israel Shipyards and Dubai's Drydocks World are also examining partnerships in producing and marketing products in Dubai.

Bin Sulayem said the UAE needs technology from Israel while Israel will be looking to cash in on the UAE's strategic position in order to access two billion plus market of the Indian Subcontinent and Africa.