UAE, Israel Trade Exchange Hits AED1 Billion in Five Months

On Saturday, Dubai Media Office announced that the volume of trade exchange between UAE and Israel reached AED1 billion ($ 272 million) in the last five months.

In a statement, the office said that Imports were valued at AED325 million (718 tonnes), and exports at AED607million (5.4k tonnes).

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In the same context, Sultan bin Sulayem, DP World’s group chairman and CEO and chairman of Dubai’s Ports, Customs and Free Zone Corporation said, "The historic peace treaty between the UAE and Israel leads to a major transformation in the economic, commercial and investment fields."

Moreover, he expected trade exchange between the two countries to hit AED15 billion, which will create more than 15,000 job opportunities.

In September, UAE and fellow Gulf state Bahrain became the first Arab states in a quarter of a century to sign agreements to establish formal ties with Israel, forged largely through shared fears of Iran.