Ras Al Khaimah Economic Zone (Rakez) said it has taken a significant step towards expanding economic co-operation between the UAE and Israel by signing a strategic agreement with the Manufacturers’ Association of Israel (MAI).

MAI is a century-old umbrella organisation for industrialists in Israel, particularly in sectors such as high-tech, textiles, fashion, chemical, pharmaceuticals, environment, food, metal, electrical, infrastructure, and consumer products.

Currently, the organisation supports 1,800 members which are responsible for over 90% of the total industrial output in the Jewish country.

Under this partnership, the duo will work together to create investment and expansion opportunities for industrial companies in both UAE and Israel.

The two organisations will be welcoming business delegations and hosting B2B events such as seminars and workshops to keep industrialists updated and provide them with networking opportunities, it stated.

The goal is to boost industrial activities and support business communities in both countries, which will strengthen their economic ties, said MAI Deputy CEO Advocate Hagai Edri after signing the agreement with Rakez Chief Government and Corporate Relations Officer Yaser Abdulla Al Ahmed.

This partnership, he stated, was an important step towards providing meaningful industrial co-operation opportunities for Israeli group's members in the UAE.

"We see Rakez as a potential strategic partner that will allow Israeli industries to expand to other markets while maintaining their main industrial activity in Israel in a way that will benefit both organisations, their members and their respective economies," he added.

Rakez Group CEO Ramy Jallad said: "It is important that we take steps towards enhancing the level of co-operation between the UAE and Israel through economic exchange."

"We believe that our partnership with the Manufacturers’ Association of Israel will create new gateways for industrial players in both countries to expand their regional footprints," he added.

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