UAE's Jafza and Israeli Chambers of Commerce sign agreement to promote trade

Dubai's Jebel Ali Free Zone (Jafza), one of the biggest trade hubs in the region, has signed a "strategic agreement" with the Federation of Israeli Chambers of Commerce (FICC) to support businesses and promote trade. Under the agreement, Jafza and the FICC will build new partnerships and share information about new developments, they said in a joint statement on Saturday. "We are optimistic that this agreement will bolster businesses and amplify trade in the UAE, Israel and the wider region," Sultan bin Sulayem, chairman and chief executive of DP World, which owns Jafza, said. The agreement follows the normalisation of ties between the UAE and Israel that has led to a series of businesses deals in a broad range of sectors being announced over the past month. Dubai, a finance and trade hub, is seeking to attract foreign investment, tourists and high-skilled talent. The agreement "will be mutually advantageous for Dubai and the Israeli business community, as more businesses will utilise the developed facilities and services in Jafza and create a bridgehead for the Israeli business sector to enhance its foreign trade in products and services," Uriel Lynn, president of the FICC, said. The two entities will exchange information on prospects for market research, trade fairs, exhibitions and trade missions organised in their countries, according to the statement. They will also collaborate to organise lectures, symposiums and other events that enhance economic relations between the two countries. Jafza recorded 10.6 per cent growth in customers from the retail and e-commerce sector in 2019, with total trade value from the sector reaching Dh37.6 billion. More than 1,000 retail and general trading companies from 96 countries operate in Jafza, with 39 per cent of these coming from the Middle East, 30 per cent from Asia, 15 per cent from Europe and 9 per cent from North America, among others. The pact follows an agreement on Friday between the Dubai Airport Freezone Authority (Dafza) and the FICC to boost bilateral business relations and support Israeli companies looking to set up in the UAE. The Dubai Chamber of Commerce and Industry also partnered with the FICC to support businesses and start-ups in both countries.

UAE's Jafza and Israeli Chambers of Commerce sign agreement to promote trade

The pact follows the normalisation of ties between the UAE and Israel that has led to a series of agreements being announced by companies in the two countries