Israel and the UAE to trade $2 billion by 2022

Bilateral trade between Israel and the UAE will reach $2 billion by 2022, up 50 per cent from 2021, according to estimates by the UAE-Israel Business Council, which comprises more than 6,000 businessmen from both countries.

"Key sectors include tourism, agriculture, diamonds, renewable energy projects in solar power and water, oil and gas, investments in Israeli technology companies, establishment of Israeli-owned companies in Abu Dhabi and Dubai, consumer goods and professional services," the council said in a statement. 

The United Arab Emirates was the first country to announce the normalisation of diplomatic relations with Israel, in August 2020, with the so-called Abraham Accords, sponsored by the administration of former US President Donald Trump, and later joined by Bahrain, Sudan and Morocco.

Since then, the relationship between Israel and the UAE has advanced by leaps and bounds, especially in the economic and commercial areas.

Tourism between the two countries is expected to grow by up to 25% - including 25,000 Emiratis visiting Israel - a significant increase from the 200,000 visits since the Abraham Accords were signed, mostly from Israelis to Dubai and Abu Dhabi. 

The Council has also identified increased cooperation in the aerospace and defence sectors, with the main Israeli companies in the sector - IAI, Rafael and Elbit - establishing joint ventures in the UAE.

In addition, trade between Israel and the rest of the Arab countries - the signatories to the Abraham Accords, plus Egypt and Jordan - is also expected to grow to $1 billion, an increase of 30 per cent over 2021 figures and 100 per cent over 2020.