• Ar
  • Es
Al Mayadeen English

Slogan

  • News
    • Politics
    • Economy
    • Sports
    • Arts&Culture
    • Health
    • Miscellaneous
    • Technology
    • Environment
  • Articles
    • Opinion
    • Analysis
    • Blog
    • Feature
  • Videos
  • Infographs
  • In Pictures
  • • LIVE
News
  • Politics
  • Economy
  • Sports
  • Arts&Culture
  • Health
  • Miscellaneous
  • Technology
  • Environment
Articles
  • Opinion
  • Analysis
  • Blog
  • Feature
Videos
Infographs
In Pictures
  1. Home
  2. News
  3. Economy
  4. UAE Plans Economic Stretch with 'Israel' Up to $1 Trillion
Economy

UAE Plans Economic Stretch with 'Israel' Up to $1 Trillion

  • By Al Mayadeen
  • Source: Agencies
  • 14 Sep 2021 09:25

UAE Minister of Economy Abdulla Bin Touq said that he expects economic activity with 'Israel' to reach $1 trillion within the coming decade. 

  • UAE Plans Economic Stretch with 'Israel' Up to $1 Trillion
    UAE-'Israel' normalization has boomed trade between the two, including in weapons and 'defense.' (Illustration by Erhan Yalvac)

Upon the one-year anniversary of the normalization of ties between the United Arab Emirates and 'Israel', UAE Minister of Economy, Abdulla Bin Touq, had some announcements to make regarding economic 'prosperities' between the two. 

In a virtual conference from the United States, Bin Touq said that he expects economic activity with 'Israel' to reach $1 trillion within the coming decade. 

“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,” said Bin Touq. “We are looking to create over $1 trillion dollars of economic activity over the next decade.”

He also said that the UAE has signed over 60 memorandums of understanding with 'Israel' under the auspice and 'grace' of the so-called "Abraham Accords," supported by then-president Donald Trump. 

“In the next couple of years, we are going to see more influx of trade between the two countries. It’s important to say that the opportunities after COVID-19 are endless,” the minister said. 

According to statistics from the Federation of Israeli Chambers of Commerce, the trade volume between 'Israel' and the UAE was $189 million dollars in 2020. The trade volume has taken a hike to $523.2 million only within the first six months of 2021. Tourism has also shot up, as approximately 200,000 Israelis have visited the Gulf country upon normalizing relations. 

The minister reiterated that the UAE is specially focused on trade with 'Israel' in health, climate change, food security, technology, defense and energy. 

Despite 'Israel's' ongoing systemic murder, violence and imprisonment against Palestinian lives, this did not deter the UAE from proceeding with normalization processes with the so-called "state." 

 

 

  • UAE and Israel
  • UAE normalizing ties with Israel

Trending Now

All
home's gas provider or brand of appliance.Ida Marie Odgaard / Ritzau Scanpix/AFP-Getty Images

California warns of ‘shockingly high’ gas bills as gas prices soar

Iran

Iran, EAEU sign free trade memorandum in Tehran

Avid Ukraine supporter says effect of sanctions on Russia less than 0

Avid pro-Ukraine MEP says effect of sanctions on Russia 'less than 0'

Most Read

Buzzfeed CEO Jonah Peretti (Getty Images)

Buzzfeed to use AI to write its articles after firing 180 employees

  • US & Canada
  • 27 Jan
Twitter headquarters is shown in San Francisco on Nov. 4, 2022 (AP Photo/Jeff Chiu, File)

FBI created dashboard to mislabel Twitter users as Russian bots

  • US & Canada
  • 27 Jan
The Russian-manufactured Marker 2 tank-striker (Military Review)

Russia reveals Marker 2 combat robots

  • Europe
  • 26 Jan
Russian troops entering Donetsk in March 2022 (Anadolu Agency)

Russian troops enter Vuhledar, block Ukrainian arms supply path

  • Europe
  • 26 Jan

Read this

All
Turkey Syria
MENA

Turkey drains northern Syria, pollutes its Euphrates: Report

  • 31 Jan
London High Court examines legality of UK resuming Saudi arms sales
MENA

London High Court examines legality of UK resuming Saudi arms sales

  • 31 Jan
Human Rights Watch accuses Ukraine of using banned mines
Europe

Human Rights Watch accuses Ukraine of using banned mines

  • 31 Jan
President Joe Biden listens during a news conference with Mexican President Andres Manuel Lopez Obrador and Canadian Prime Minister Justin Trudeau at the 10th North American Leaders' Summit at the National Palace in Mexico City, January 10, 2023 (AP).
US & Canada

Biden health examination delay becomes cause of concern

  • 31 Jan
Al Mayadeen English

Al Mayadeen is an Arab Independent Media Satellite Channel.

All Rights Reserved

  • About Us
  • Contact Us
  • Authors
Android
iOS