Dubai-Israel trade exceeds 200 million euros in half a year
Dubai's trade with Israel in the last five months (September 2020-January 2021) reached a value of €225m and a volume of 6,217,000 tonnes, according to Dubai Customs statistics. Of this, imports were valued at €75 million, exports at €140 million and transit trade at €23 million.
In light of this exceptional growth, Sultan bin Sulayem, chairman and CEO of DP World Group and chairman of the Dubai Ports, Customs and Free Zone Corporation believes that opening up new markets and stimulating mutual trade between Dubai and Israel will encourage companies to increase production, leading to further economic growth and job creation.
DP World signed an agreement with Israel's Bank Leumi last September to facilitate trade and logistics services between the two parties, which will promote trade flows in the region. DP World also signed a series of cooperation agreements on cargo, port and free zone development with Israel's Dovertower, as part of which they are launching a joint bid to privatise the port of Haifa. The agreement will allow DP World to help facilitate trade between private companies in the two countries. These agreements will also open a window for Drydocks World-Dubai to develop Israeli dry docks and manage redevelopment projects.
Israel has expressed interest in leveraging the Jebel Ali port as a re-export hub for Israeli products to allow it easy access to fast-growing neighbouring markets such as India, Pakistan, Bangladesh and Sri Lanka, which have a combined population of more than two billion people.
Ahmed Mahboob Musabih, director general of Dubai Customs, said that the volume of Dubai's sea trade with Israel amounted to 5,700 tonnes (€19 million), while air trade reached 423 kilos (€215 million). Dubai's main imports from Israel include vegetables and fruits, diamonds and flat screens, high-tech devices and medical and mechanical devices, while exports include diamonds, smartphones, motor spare parts, perfumes and lubricants.
As reported by Emirates' official news agency WAM, Musabih stated that Dubai and Israel can generate new growth opportunities by virtue of possessing exceptional competitive advantages that put them in a good position to promote mutually beneficial cooperation.
"Expo 2020 is a golden opportunity for Israel to present its services, products and opportunities to the world. We also look forward to Israel's participation in the Fifth WCO AEO Conference, which will be hosted by Dubai Customs in coordination with the World Customs Organisation and the Federal Customs Authority. The event, which is expected to attract more than 2,000 experts in customs, trade, artificial intelligence and e-commerce, will highlight the UAE's status as a leading player in global trade," he concluded.
