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

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."