DUBAI, 6th June, 2022 (WAM) -- Dubai International Chamber, one of three Chambers operating under Dubai Chambers, has announced plans to open a representative office in Tel Aviv, which will aim to facilitate trade and investment between business communities in Dubai and Israel.

The announcement came during a meeting held recently at the Chamber's headquarters, attended by Hamad Buamim, President and CEO of Dubai Chambers, Orna Barbivay, Israeli Minister of Economy and Industry, and Amir Hayek, Ambassador of Israel to the UAE; and representatives from the embassy, ministry and Dubai Chambers.

"By expanding our presence into Israel, we will be well positioned to achieve the objectives of the Comprehensive Economic Partnership Agreement signed by the UAE and Israel, build new bridges between the two business communities and boost non-oil trade to reach US$10 billion annually within the next five years," Buamim said.

Buamim stressed the important role of promoting Dubai as a global gateway for Israeli companies and attracting foreign investment in key sectors of mutual interest such as digital economy, information technology, artificial intelligence, smart services, agricultural and food technologies, and space sciences.

The President and CEO of Dubai Chambers noted that trade will remain economic cooperation between Dubai and Israel, and described Israel as a market of strategi importance to Dubai, adding that it is expected to become one of Dubai's 10 top trading partners within a few years, especially since the Dubai International Chamber, as part of its strategy, has identified the Israeli market among the 30 priority markets.

He noted that the office will work towards the target of achieving the targets outlined under the Dubai Foreign Trade Plan announced by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, which aims to boost Dubai's non-oil trade to AED2 trillion within five years.

For her part, Barbivay said, "Last week, on behalf of the Government of Israel, I signed the CEPA (Comprehensive Economic Partnership Agreement) between Israel and the UAE. In a meeting, I conducted later on with Hamad Buamim, President and CEO of Dubai Chambers, Hamad Buamim announced our mutual goals to bring about rapid promotion of economic cooperation," and said the UAE-Israel partnership agreement and Dubai International Chamber's announcement reflects the strong commitment which both countries attach to strengthening economic ties and creating new opportunities for business.

Meanwhile, Ambassador Amir Hayek describing the singing of the trade agreement as a historic step that opens business opportunities for both of our countries and noted that Dubai International Chamber's decision to establish a representative office in Israel is a significant step toward promoting cooperation between the two countries and their business communities.

The new representative office in Tel Aviv will identify business and investment opportunities that offer the most potential for Dubai-based companies, while it will also support Israeli companies with their entry into the Dubai market and help them leverage the emirate to expand their reach into markets across the GCC, Africa and Asia.

The announcement of the Israel office comes after the Dubai International Chamber's Board of Directors recently approved its new strategy for the next three years, which aims to elevate Dubai's position as global business hub and preferred market for multinational companies.