UAE inks cooperation deal with Israel's industrial sectors

The Memorandum of Understanding calls for the two sides to collaborate to create investment opportunities and expand the operations of industrial companies,

By REUTERS

JULY 5, 2023 16:48

Updated: JULY 5, 2023 22:51

A United Arab Emirates (UAE) flag waves alongside an Israeli flag (photo credit: REUTERS/CHRISTOPHER PIKE) — A United Arab Emirates (UAE) flag waves alongside an Israeli flag

(photo credit: REUTERS/CHRISTOPHER PIKE)

The UAE and Israel will look to expand mutual investment and manufacturing under a deal signed on Wednesday between the Ras Al Khaimah Economic Zone (RAKEZ) and the Israeli Manufacturers Association (IMA), the WAM state news agency reported.

The Memorandum of Understanding (MoU) calls for the two sides to collaborate to create investment opportunities and expand the operations of industrial companies, the UAE's WAM reported.

UAE-Israel relations

The United Arab Emirates and Israel agreed to normalize relations in August 2020 with each ratifying the plan in October of that year.

THE HISTORIC Abraham Accords, signed in 2020, have already led to rapid growth in trade and cooperation in a wide range of areas from investment and innovation to food security and health. (credit: TOM BRENNER/REUTERS)

"It is imperative that we move forward towards enhancing the level of cooperation between the UAE and Israel," said RAKEZ CEO Rami Jallad.

The IMA includes firms in sectors such as advanced technology, textiles, fashion, chemicals, pharmaceuticals, environment, food, metals, electricity, infrastructure and consumer products.