update deskMiddle East

Israel, UAE sign economic cooperation agreement

The agreement aims to boost industrial activities and support business communities in both countries, which will strengthen their economic ties.

The market in Dubai, UAE, on Dec. 15, 2022. Photo by Nati Shohat/Flash90.
The market in Dubai, UAE, on Dec. 15, 2022. Photo by Nati Shohat/Flash90.

The Ras Al Khaimah Economic Zone (RAKEZ) has taken a significant step towards expanding economic cooperation between the United Arab Emirates and Israel by signing a Memorandum of Understanding with the Manufacturers’ Association of Israel.

The agreement was signed by Chief Government and Corporate Relations Officer of RAKEZ Yaser Abdulla Al Ahmed and Deputy MAI CEO Hagai Edri.

Under this partnership, RAKEZ and MAI will work together to create investment and expansion opportunities for companies in both the UAE and Israel. The goal is to boost industrial activities and support business communities in both countries, which will strengthen their economic ties. The two organizations will host business delegations and B2B events such as seminars and workshops to keep industrialists updated and provide them with networking opportunities.

RAKEZ Group CEO Ramy Jallad said, “It is important that we take steps towards enhancing the level of cooperation between the UAE and Israel through economic exchange. We believe that our partnership with the Manufacturers’ Association of Israel will create new gateways for industrial players in both countries to expand their regional footprints.”

Edri said, “This partnership is an important step towards providing meaningful industrial cooperation opportunities for our members in the UAE. We see RAKEZ as a potential strategic partner that will allow Israeli industries to expand to other markets while maintaining their main industrial activity in Israel in a way that will benefit both organizations, their members and their respective economies.”

The MAI is a century-old umbrella organization for industrialists in Israel, particularly in sectors such as high-tech, textiles, fashion, chemical, pharmaceuticals, environment, food, metal, electrical, infrastructure and consumer products. Currently, the organization supports 1,800 members, which are responsible for over 90 percent of the total industrial output in Israel.

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