Israel and the United Arab Emirates reached an agreement on 13 August for a full normalisation of diplomatic relations between the two nations, as well as a shared commitment to promote stability through diplomatic engagement, increased economic integration and closer security coordination.
A joint statement said that delegations from Israel and the UAE will meet in the coming weeks to sign bilateral agreements regarding investment, tourism, direct flights, security, telecommunications, technology, energy, healthcare, culture, the environment, the establishment of reciprocal embassies, and other areas of mutual benefit.
The UAE and Israel will immediately expand and accelerate cooperation regarding the treatment of and the development of a vaccine for the coronavirus.
The US, Israel and the UAE said they were also confident that additional diplomatic breakthroughs with other nations were possible, and would work together to achieve this goal.
Opening direct ties between two of the Middle East’s most dynamic societies and advanced economies will transform the region by spurring economic growth, enhancing technological innovation, and forging closer people-to-people relations. It also represents a ‘blank canvas’ from a commercial perspective.
Sovereign Group, from our offices in London and Gibraltar, has been assisting business development interest with Israel for many years. Industry sectors such as fintech, cybersecurity, biotechnology and manufacturing will all flourish under new bi-lateral relations and enable UAE-based investors to explore new opportunities in this new marketplace.
Sovereign’s office in Abu Dhabi, strategically located in ADGM Financial Free Zone, is well placed to support professionals, entrepreneurs and visionaries with their Middle East ambitions as the trade and investment landscape with Israel begins to evolve.
Please contact us today for a ‘head start’ discussion as to how Sovereign may be able to help.