JAFZA, The Federation of Israeli Chambers of Commerce sign MoU
Jebel Ali Free Zone (JAFZA), DP World’s flagship Free Zone and the leading business and logistics hub in the UAE, has entered into a strategic agreement with The Federation of Israeli Chambers of Commerce (FICC), in a concentrated effort to support businesses and encourage economic cooperation. Sultan Ahmed bin Sulayem, Group Chairman and CEO of DP World, and Uriel Lynn, President, FICC signed the agreement virtually.
The MoU follows the normalisation of relations between UAE and Israel. As part of the MOU, both sides will deploy all efforts to boost the expansion of contacts and foster new ties between partners of the UAE and Israel with an aim to promote trade. Both Jafza and the FICC will also share crucial information about new developments regarding economic relations between the countries, including regulations and plans and possibilities in terms of economic planning in the two countries.
Breaking new ground
Emphasising on the significance of this endeavour, Sultan Ahmed Bin Sulayem, Group Chairman and CEO of DP World said: “The recent development in the UAE’s and Israel’s bilateral agreements has opened up new avenues in an array of sectors. We at DP World, welcome this trailblazing move that will provide boundless growth opportunities. The establishment of direct ties between two dynamic and advanced economies in the Middle East will undoubtedly provide impetus to economic growth, transforming the business landscape in the UAE. Israel has phenomenal innovation and technological capabilities, whereas the UAE holds a prime position in the world of global trade and is one of the greatest business hubs in the world.
According to the World Bank, the UAE is ranked fifth in the world with a gross domestic product purchasing power per capita of $74,000 (Dh271,580). And our growth figures demonstrate this. In fact, in the first quarter of 2020, the country’s GDP amounted to AED368.52 billion. We are hopeful that these figures will see a significant rise as this alliance has tremendous potential. We are optimistic that this agreement will bolster businesses and amplify trade in the UAE, Israel, and the wider region.”
Leveraging key resources
Adv. Uriel Lynn, President, FICC asserted: “The signing of the MOU with Jafza is a historic event that will go down in history as an example what can be achieved in our world if two countries are bent on creating more prosperity for their people. It will be a mutually advantageous for Dubai and the Israeli business community, as more businesses will utilise the developed facilities and services in Jafza and create a bridgehead for the Israeli business sector to enhance its foreign trade in products and services.”
He added, “The message of peace will take a form of working together for the people of both countries. The diplomatic breakthrough has paved a way to spur economic growth in both countries. Trade ties will definitely benefit both sides as Israel and the UAE have an enviable list of achievements and great potential, and we hope to utilise this prowess to boost growth. We share a similar outlook with Jafza, regarding opportunities and the commitment to promote economic stability. Our main goal is to create a forum to promote economic cooperation and create new opportunities for businesses in both countries. Strengthening business ties and enhancing collaboration over time is also one of the primary objectives. We hope this partnership will propel both countries to an all-new level of prosperity.”
Through this joint effort, both entities will exchange information on prospects for market research, trade fairs and exhibitions and trade missions organised in their countries. They will also collaborate in organising lectures, symposiums and other events that enhance economic relations between the countries.