UAE Eyes $1 Trillion Economic Activity With Israel Over 10 Years - Bloomberg
The United Arab Emirates is seeking to grow economic ties with Israel to more than $1 trillion over the next decade, Economy Minister Abdulla Bin Touq said Monday, strengthening a year-old relationship that’s already produced billions of dollars worth of business.
Those deals include Mubadala Investment Co.’s $1 billion purchase of Tel Aviv-listed Delek’s stake in an Israeli gas field, Bin Touq told a virtual conference from the U.S., where he is leading a high-level business delegation. The Gulf country has also signed more than 60 memorandums of understanding with Israel since normalizing relations in 2020, he said, and is expecting an “influx” of trade in the next two years.
“We have $600 to $700 million dollars of bilateral trade happening, we have funds of billions of dollars that have been announced jointly between the two countries, we are moving into so many areas of economic opportunities,” he said. “We are looking to create over $1 trillion dollars of economic activity over the next decade.”
The UAE’s total trade with its top 15 trade partners last year was worth just over $260 billion, according to Bloomberg data. Currently, Israel is not among the UAE’s biggest trade partners and it wasn’t clear how they would reach such a target.
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