‘UAE-Israel trade reach $523.2 mn in H1’

Advertisement

This is a jump of about 177 per cent compared to a trade figure of $188.9 million recorded throughout all 2020…reports Asian Lite News

 Following the normalisation of ties between Israel and the United Arab Emirates (UAE), the trade volume of the two nations reached $523.2 million in the first half of 2021, according to a report issued by the Federation of Israeli Chambers of Commerce (FICC), the country’s largest business and employers’ organisation.

This is a jump of about 177 per cent compared to a trade figure of $188.9 million recorded throughout all 2020, Xinhua news agency quoted the report released on Sunday as saying.

Excluding diamonds, trade between the two countries totalled $229 million in January-June, up 143 per cent from $94.2 million in all 2020.

Israeli imports from the UAE jumped almost threefold in the first half to $342.2 million compared to all of 2020, while without diamonds, the imports amounted to $178.6 million, an increase of about 136 per cent.

Israeli exports to the UAE rose 145 per cent to $181 million in the first half, while without diamonds the exports rose 174 per cent to $50.4 million.

Israel and the UAE signed the historic normalisation deal on September 15, 2020, at the White House.

Meanwhile, Abdullah bin Touq Al Marri, Cabinet Member and Minister of Economy and Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade will have direct talks in Washington, DC, this week with US senior officials and private sector representatives in a number of US states.

The two ministers and their accompanying delegation, who include representatives from the UAE public and private sectors, will seek the development of bilateral relations and strengthening the economic partnership between the two nations.

The UAE delegation includes Mohamed Ali Al Shorafa Al Hammadi, Chairman of Abu Dhabi Department of Economic Development; Eng. Saed Mohamed Alawadi, Chief Executive Officer of Dubai Industries & Exports; Mohammed Juma‘a Al Musharrakh, Chief Executive Officer (CEO) of the Sharjah FDI Office (Invest in Sharjah); and Fahad Al Gergawi, Chief Executive Officer of Dubai Investment Development Agency (FDI).

The visit comes as an important step forward toward consolidating the UAE’s status as the largest export market for the United States in the Middle East, and one of the major investors in the US economy.

ALSO READ: UAE participates in Arab foreign ministers meeting in Cairo