Emirati and Israeli flags fly upon the arrival of Israeli and U.S. delegates at Abu Dhabi International Airport, in Abu Dhabi, United Arab Emirates Aug. 31, 2020
Emirati and Israeli flags fly upon the arrival of Israeli and U.S. delegates at Abu Dhabi International Airport, in Abu Dhabi, United Arab Emirates Aug. 31, 2020
Photo: Reuters
Emirati and Israeli flags fly upon the arrival of Israeli and U.S. delegates at Abu Dhabi International Airport, in Abu Dhabi, United Arab Emirates Aug. 31, 2020

Israel to open economic office in Abu Dhabi to boost Gulf investment

Announcement comes following the official opening of Emirati embassy in Tel Aviv and signing of a tax treaty between the two countries meant to spur mutual business development

Reuters |
Published: 06.01.21 , 18:16
Israel plans to open an economic attache office in Abu Dhabi this summer to attract foreign investment and boost economic relations with Gulf states and the broader Arab world, the Economy Ministry said on Tuesday.
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  • This follows a U.S.-brokered normalization of ties between Israel and the United Arab Emirates (UAE) last September that has led to a number of bilateral banking deals and direct flights between the two countries.
    2 צפייה בגלריה
    Emirati and Israeli flags fly upon the arrival of Israeli and U.S. delegates at Abu Dhabi International Airport, in Abu Dhabi, United Arab Emirates Aug. 31, 2020
    Emirati and Israeli flags fly upon the arrival of Israeli and U.S. delegates at Abu Dhabi International Airport, in Abu Dhabi, United Arab Emirates Aug. 31, 2020
    Emirati and Israeli flags fly upon the arrival of Israeli and U.S. delegates at Abu Dhabi International Airport, in Abu Dhabi, United Arab Emirates Aug. 31, 2020
    (Photo: Reuters)
    On Monday, an Emirati embassy opened in Tel Aviv while Israel's Finance Ministry said Israel and the United Arab Emirates signed a tax treaty to spur business development between the countries.
    Economy Minister Amir Peretz said he saw "enormous economic potential" in strengthening Israeli-Emirati relations.
    "Opening the economic attache office will give a significant boost to the various initiatives already underway," Peretz added.
    Israel's Foreign Trade Administration (FTA), a part of the Economy Ministry, operates in more than 50 business centers around the world. It opened a branch in Manila last year.
    Aviad Tamir will be the economic attache in the UAE, the ministry said.
    2 צפייה בגלריה
    לראשונה הונף דגל איחוד האמירויות בבניין הבורסה לניירות ערך בתל אביב
    לראשונה הונף דגל איחוד האמירויות בבניין הבורסה לניירות ערך בתל אביב
    The Emirati embassy in Tel Aviv's Stock Exchange
    The FTA last year identified significant economic potential for Israel's economy from relations with the UAE, including strengthening aviation ties between Israel and the Gulf, oil imports, energy solutions, diamond exports, exports of medical equipment water technologies, and exports of financial and cybersecurity technologies.
    The new branches in the UAE "will yield significant returns in light of the great interest arising from Emirates interested in a long line of Israeli technologies as well as in light of the large capital in the UAE that may be translated into significant investments in Israeli economy and industry," said FTA director Ohad Cohen.
    Israel has also recently normalized relations with Bahrain.
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