The United Arab Emirates seeks to grow its economic ties with Israel over $1 trillion in the coming decade. On Monday, Economy Minister Abdulla Bin Touq said that strengthening a year-old relationship with Israel has already produced billions of dollars worth of business.
Since normalizing its relationship in 2020, UAE has signed nearly 60 memorandums of understanding with Israel. They plan to expand an “influx” of trade in a coming couple of years. In a virtual conference from the US, Bin Touq said that he is leading a high-level business delegation where the USA was looking at sectors including defense, energy, and food security. He said that they have $600 to $700 million of bilateral trade happening. They have billions of dollars of funds that have been announced mutually between the two nations. They are moving in many areas of economic opportunities and are willing to create over $1 trillion of economic activity in a decade.
In the economic activities, Mubadala Investment Co.’s $1 billion purchase of Tel Aviv-listed Delek’s stake deal in the Israeli gas field was also included. Following the intense diplomacy from the US, Bahrain, Morocco, and Sudan also recognized Israel.