The anniversary of the Abraham Accords this month takes on rising significance because of the concentrate on the subsequent phases which will unfold within the area. A key knowledgeable within the United Arab Emirates who has at all times been a eager observer of the accords is Ahmed Bin Sulayem, the chief chairman and CEO of the Dubai Multi Commodities Middle (DMCC).
The DMCC is a “distinctive mixture of Free Zone standing, state-of-the-art business and residential actual property and high-quality commodities and monetary providers,” the group notes on its web site. The ‘Submit’ has interviewed Ahmed Bin Sulayem previously and we used the anniversary as a possibility to look again and ahead on the significance of the agreements.
“The Abraham Accords marked a turning level within the historical past of our area and paved the way in which for transformative alternatives throughout all sectors,” he says, discussing his evaluation after three years. “In Dubai, the inflow of Israeli corporations throughout completely different sectors and scales displays a promising development.
“Dubai’s repute as a worldwide enterprise hub supplies Israeli entrepreneurs with a platform to discover new markets, foster cross-cultural partnerships and faucet into a various expertise pool”
Ahmed Bin Sulayem
Contemplating the synergies between the UAE and Israel markets, the flourishing bilateral enterprise collaborations are absolutely anticipated. The Accords have underlined the potential that arises when nations unite round a shared imaginative and prescient, catalyzing constructive transformation. As we enter the fourth yr of this exceptional journey, I consider we have now solely seen the start.”
He additionally says the Abraham Accords have additionally unleashed a wave of enterprise alternatives, positioning the UAE as a gateway for Israeli corporations to entry international markets. “Dubai’s repute as a worldwide enterprise hub supplies Israeli entrepreneurs with a platform to discover new markets, foster cross-cultural partnerships and faucet into a various expertise pool,” he notes.
That is vital as a result of it faucets into Israel’s strengths in technological innovation and its vibrant start-up tradition, he says. “The deepening ties facilitated by the agreements not solely herald financial cooperation but in addition promote a wave of cultural and information change.
This dynamic interplay contains areas akin to synthetic intelligence, renewable power and healthcare, and provides thrilling prospects for each nations, propelling them in direction of collective development and progress.”
There are additionally vital actions within the DMCC space. “The rising presence of Israeli corporations in Dubai is mirrored within the exceptional 42% improve in new Israeli firm registrations in DMCC for the reason that starting of this yr.” This growth underlines the rising commerce relationship between Israel and the UAE.
Based on him, this has led to a 40 % improve in commerce in items within the first 5 months of 2023 in comparison with the earlier yr. The DMCC has additionally opened its first consultant workplace in Israel, making it the primary UAE-based free zone to take action.
Ahmed Bin Sulayem says the “Abraham Accords are the start of a brand new Center East, constructed on peace and prosperity for all.” Now the work to make this an enduring peace can start. “Within the UAE, doing enterprise can also be about constructing relationships. It isn’t nearly signing the paperwork, it is about inviting you to my home and also you inviting me to yours. It’s so good to see Israelis in Dubai and obtain them in our properties, and once we go to right here, additionally it is so good to be welcomed into their properties.”
He additionally shares a particular reminiscence. “A second that stands out to me was in January 2021, once we put in a mezuzah on the consultant workplace of the Israel Diamond Trade in DMCC. The set up of the mezuzah is a tribute to our Founding Father, His Highness Sheikh Zayed bin Sultan Al Nahyan, whose elementary perception in inclusivity has been a driving pressure behind our nation’s energy and significance on the world stage, finally resulting in the signing of the Abraham Treaty. Agrees.”
Location, location, location
He praises Dubai as a “good location to arrange a enterprise and we’re a strategically situated international commerce hub connecting the West to the East and vice versa.” It is very important level out that DMCC is essentially the most interconnected free zone on the earth, and the principle commerce and enterprise hub for commodities price roughly 11 % of all international direct funding in Dubai, together with many Israeli corporations selecting to in our enterprise district. in keeping with Ahmed Bin Sulayem.
“In the case of Israel, commerce has grown, particularly in diamonds, with over $1.75 billion traded in 2022, representing a 163 % improve year-on-year. This sector aligns with each Israel and the UAE’s strengths as international leaders. As well as, we’re seeing a gentle improve in different items and providers, with bilateral non-oil commerce anticipated to cross the $3 billion mark subsequent yr.
We’re additionally seeing strategic investments, most notably Mubadala Vitality’s $1 billion buy of a 22 % stake in Israel’s Tamar gasoline subject, which is a milestone for regional power safety. This diversification bodes properly for shared financial development, paving the way in which for additional enlargement of Israeli corporations into beforehand inaccessible markets. This collaboration contains corporations, traders and potential worldwide companions, who thrive inside a vibrant and quickly rising ecosystem,” he says.
We requested Bin Sulayem if there are any extra insights he want to share. “Israel’s international repute for innovation and its pioneering start-up tradition discover fertile floor in Dubai. On the coronary heart of Dubai’s know-how revolution, DMCC serves as a hub for collaboration and cultivating in depth enterprise relationships. Our proactive position in constructing a thriving international know-how ecosystem, spanning from blockchain to developments in good metropolis know-how, positions the Free Zone as a key entry level for Israeli industries within the area.
As we enter the subsequent chapter of our relationship, I look ahead to welcoming many extra Israeli corporations – from know-how, assets and different thrilling sectors – to Dubai, fostering continued mutual development and prosperity.”