KHALEEJ TIMES, Saturday, Sep 26, 2020 | Safar 09, 1442
UAE's Jafza signs MoU with Israeli chambers of commerce
Emirates:
Jebel Ali Free Zone (Jafza), DP World's flagship Free Zone and the
leading business and logistics hub in the UAE, has entered into a strategic
agreement with The Federation of Israeli Chambers of Commerce (FICC) in a
concentrated effort to support businesses and encourage economic
cooperation.
Sultan Ahmed bin Sulayem, Group Chairman and CEO of DP World, and Uriel Lynn,
President (FICC) signed the agreement virtually.
The MoU follows the normalisation of relations between UAE and Israel.
As part of the MOU, both sides will deploy all efforts to boost the expansion of
contacts and foster new ties between partners of the UAE and Israel with an aim
to promote trade. Both Jafza and the FICC will also share crucial information
about new developments regarding economic relations between the countries,
including regulations and plans and possibilities in terms of economic planning
in the two countries.
Emphasising the significance of this accord, Sultan Ahmed Bin Sulayem, Group
Chairman and CEO of DP World said: "The recent development in the UAE's and
Israel's bilateral agreements has opened up new avenues in an array of sectors.
We at DP World welcome this trailblazing move that will provide boundless growth
opportunities. The establishment of direct ties between two dynamic and advanced
economies in the Middle East will undoubtedly provide impetus to economic
growth, transforming the business landscape in the UAE.
"Israel has phenomenal innovation and technological capabilities, whereas the
UAE holds a prime position in the world of global trade and is one of the
greatest business hubs in the world.
"According to the World Bank, the UAE is ranked fifth in the world with a gross
domestic product purchasing power per capita of $74,000 (Dh271,580). And our
growth figures demonstrate this. In fact, in the first quarter of 2020, the
country's GDP amounted to Dh368.52 billion. We are hopeful that these figures
will see a significant rise as this alliance has tremendous potential. We are
optimistic that this agreement will bolster businesses and amplify trade in the
UAE, Israel, and the wider region."
He added: "The message of peace will take a form of working together for the
people of both countries. The diplomatic breakthrough has paved a way to spur
economic growth in both countries.
"Trade ties will definitely benefit both sides as Israel and the UAE have an
enviable list of achievements and great potential, and we hope to utilise this
prowess to boost growth. We share a similar outlook with Jafza, regarding
opportunities and the commitment to promote economic stability.
"Our main goal is to create a forum to promote economic cooperation and create
new opportunities for businesses in both countries. Strengthening business ties
and enhancing collaboration over time is also one of the primary objectives. We
hope this partnership will propel both countries to an all-new level of
prosperity."
Through this joint effort, both entities will exchange information on prospects
for market research, trade fairs and exhibitions and trade missions organised in
their countries. They will also collaborate in organising lectures, symposiums
and other events that enhance economic relations between the countries.
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