The UAE and Israel established historical ties in 2020,writing the greatest success story of the year and the two countries have since made great strides in normalising relations and creating economic opportunities.
Bank Hapoalim, Israel’s leading financial group and the largest bank hosted a virtual event recently in collaboration with Dubai Exports, the export promotion agency of Dubai Economy, and Taylor Wessing LLP (Dubai Branch). With over 140 attendees, the webinar focused on the innovative solution to globalize business, and export compliance and restrictions within the UAE. Jashanmal Group and Kimoha Entrepreneurs FZCO also discussed retail, distribution & e-commerce opportunities between UAE & Israel.
Ranked 1st regionally and 16th globally on ‘Ease of doing Business,’ the UAE has an expanding network of free trade zones and zero taxes attracting more and more foreign investors.
Mr. Abdelrahman Al Hosani, Export Services Director, Dubai Exports stated, “Dubai can be the ideal gateway to the most promising markets in the world for ambitious investors and businesses in Israel. In addition to its supportive government processes, policies and well-connected logistics infrastructure, Dubai also enables investors and businessmen to gain maximum profit in a favourable tax environment.”
The primary legislation governing imports and exports in the UAE is the GCC Common Customs Law and exporters must also provide detailed information to the UAE Federal Customs Authority about the goods.
Osama Hassan, Managing Partner of Taylor Wessing Dubai, said: “We regularly provide guidance on international trade and export regulations, advice across their business operations in the retail sector. Dubai government has implemented several policies, regulations, and amendments to the Export Control Law to further improve its effectiveness and enforceability.
Dubai features prominently on the global map for tourism and retail, with 62% of global brands available for purchase in the city (which ranks above London, Shanghai & Paris for go-to shopping destination). In spite of e-commerce causing major disruption traditional retail is estimated to co-exist and contribute to long GDP growth.
Dinesh Dhingra, Group Chief support & Service officer, Jashanmal Group commented: “The similar sizes of UAE & Israeli economies and their complementary skill sets are an ideal recipe for successful partnership.”
The UAE has been firmly established as the main trading hub of the Middle East with the world’s largest airport and a sophisticated network of seaports in addition to world-class logistics and distribution facilities, which strengthens the prospects for bilateral trade between the UAE and Israel. The mutual trade between the two countries is expected to grow to Dh15 billion in the coming years, accelerating greater economic growth and job creation.
Vinesh Bhimani, Managing Director Kimoha Entrepreneurs FZCO, said: “We were the first company in the region to import a container from Israel and we are also partnering with Israeli tech companies to grow and expand in the market.”
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