The hosting of a first-of-its-kind business conference on Israeli technology and innovation in Jaffa, Tel Aviv on Wednesday 24 November by the UAE embassy in Israel marks the first state-sponsored business delegation from the UAE to Israel.
Government officials, business leaders and entrepreneurs were present at the conference and discussed the advancement of technology and innovation and promotion of business ties between the two countries.
The event came more than a year after the first anniversary of the U.S negotiated historic Abraham Peace Accords, signed on 13 August 2020 at the South Lawn of the White House in Washington between the UAE and Israel.
The event was held in partnership with the Israeli NGO Start-Up Nation Central, a not-for-profit organization that keeps a close tab on the technological ecosystem and the Ministry of Economy of Israel.
Start-Up Nation Central was founded in 2013 by philanthropy and a one-stop destination for governments, corporations and investors to connect with the Israeli tech ecosystem. It runs an online platform, Start-Up Nation Finder where one can identify potential Israeli technology companies based on one’s interest.
Around 200 dignitaries attended the summit and among them were members of a UAE state-sponsored business delegation led by the UAE Minister of State for Entrepreneurship and SMEs, Ahmad Belhoul Al Falasi and the Minister of State for Foreign Trade Thani Al Zeyoudi.
Mohamed Al Khaja, the UAE Ambassador to Israel initiated this conference earlier this year as the new delegation sought to collaborate on innovation and entrepreneurship ventures between the two countries.
The agenda of the conference revolved around technological innovation driven by multinational corporations, the creation of an innovative technological ecosystem and collaboration in achieving mutually beneficial economic progress.
The UAE Ambassador to Israel, Al Khaja said “As people of the region, in order to advance our own societies and our economies, it is imperative for all actors in this room, and our counterparts to find ways to ‘lean in’ to this relationship and work together to open doors and correctly navigate and fuse together the respective strengths of our societies and economies.”
“We are proud and excited to host Israeli startups, corporations and joint ventures aiming to capitalize on the language, cultural and global connections of the dynamic Emirati marketplace, and to allow you to tap into the diverse talent pool and global business acumen of the UAE,” he remarked.
The leader of the UAE envoy, Dr Al Falasi highlighted, “Everywhere I look I see alignments, both in our strengths and our challenges, when it comes to small and medium businesses, startups, and tourism. There are a lot of ways that we can work together and enable our respective businesses to expand from the UAE to Israel and the other way around.”
“It is truly remarkable how only a year after the Abraham Accords, we have already established strong relationships in the form of business and commercial agreements. This is more than simply a foundation to build on. It is a solid partnership of real significance, not just for our nations, but for the region and the world as a whole,” commented the UAE Minister of State for Foreign Trade.
Israel’s Minister of Economy and Industry Orna Barbivai welcomed the arrival of UAE delegates in Israel saying the visit “enables us to expose the visiting Emirati industry and business leaders to Israel’s wealth of innovation, technology, entrepreneurship, and research.”
After the conference, the UAE Minister of State for Entrepreneurship and SMEs and Minister of State for Foreign Trade also visited Start-Up Nation Central Headquarters to meet with entrepreneurs from leading technology companies of Israel and explore potential Israeli investors interested in company formation in Dubai.
The following day, 25 November, the UAE delegation team members held a series of one-to-one and group meetings with their Israeli equivalents.
The UAE believes that economic activity with Israel will exceed $1 trillion over the next decade and will open floodgates of business opportunities for the investors of both countries. In all likelihood, the Jebel Ali Free Zone (Jafza) in Dubai, one of the biggest trade hubs in the region will be a major beneficiary and a growing number of Israeli investors will look for Jafza company formation to utilize the developed facilities in Jafza which has entered into a “strategic agreement” with the Federation of Israeli Chambers of Commerce (FICC) to promote businesses and trade.
Israeli Central Bureau of Statistics (CBS) data revealed bilateral trade between Israel and the UAE between January and June 2021 was approximately USD 610 million and more than half of which were from diamonds.
The Dubai Multi Commodities Center Authority (DMCC), home to the Dubai Diamond Exchange has already started a representative office in Tel Aviv inside the Israel Diamond Exchange (IDE) to extend support to Israeli businesses, across all industries and sectors who are interested in setting up a presence in Dubai through a DMCC company formation.
