Landmark agreement for expansion of trade between UAE and Israel
Abu Dhabi Ports and the Manufacturers Association of Israel to enhance trade, investment and technology cooperation
Abu Dhabi — Abu Dhabi Ports and the Manufacturers Association of Israel, MAI, today signed an agreement to enhance trade, investment and technology cooperation between the UAE and Israel, in the presence of Falah Mohamed Al Ahbabi, Member of the Abu Dhabi Executive Council and Chairman of Abu Dhabi Ports.
The Memorandum of Understanding opens a dialogue between Abu Dhabi Ports’ subsidiaries KIZAD and ZonesCorp, which are under its Industrial Cities and Free Zone portfolio, and MAI to contribute to the reciprocal expansion of trade, investment, and technological development, as well as improve research and development, R&D, innovation and cooperation in technology.
Abu Dhabi Ports, part of ADQ – one of the region’s largest holding companies with a broad portfolio of major enterprises spanning key sectors of Abu Dhabi’s diversified economy, will also hold a webinar later this month for members of the MAI, to apprise them of the opportunities available in the emirate and specifically within the Industrial Cities and Free Zone.
The Manufacturers Association of Israel is the representative body of the country’s industrial sectors including private, public, kibbutz and government industries. With a membership of over 2,000 organisations and industrial plants, MAI members are responsible for more than 95 per cent of the industrial production across Israel.
The MoU was signed by Captain Mohamed Juma Al Shamisi, Group CEO, Abu Dhabi Ports and Dr Ron Tomer, President of the Manufacturers Association of Israel at Khalifa Industrial Zones Abu Dhabi, KIZAD, to agree on the cooperation and trade enhancement.
This is the first agreement signed by Abu Dhabi Ports with an Israeli trade organisation since the ratification of the peace agreement between the UAE and Israel, in Washington DC in September, and provides a clear, effective, and efficient framework for industrial cooperation, knowledge transfer and trade facilitation.
Falah Mohamed Al Ahbabi, Member of the Abu Dhabi Executive Council and Chairman of Abu Dhabi Ports, said, “The UAE leadership’s vision for the region and the subsequent signing of the peace agreement sets a great precedent for industrial cooperation and offers a wide range of opportunities to businesses to enhance their networks of trade and manufacturing. Abu Dhabi Ports is well-positioned to offer Israeli industrial manufacturers the best solutions for their businesses within KIZAD and ZonesCorp. We look forward to engaging with our friends from Israel and welcoming them to experience our leading-edge services and facilities.”
Dr Ron Tomer, President of the Manufacturers Association of Israel, said, “This initial agreement is the start of the new and warm trade relations that are emerging between Israel and the United Arab Emirates following the signing of the peace agreement. We plan to continue in this important path and promote cooperation between Israeli industry and high-tech to the business sector in the United Arab Emirates, and create new areas of trade that will open the economy, employment and society between the two nations, and beyond. “
Captain Mohamed Juma Al Shamisi, Group CEO, Abu Dhabi Ports, said, “KIZAD and ZonesCorp offer the Israeli industry a unique opportunity to scale their businesses exponentially in a cost-effective, timely, clearly defined and efficient manner. Through Abu Dhabi Ports, KIZAD and ZonesCorp act as a catalyst for business by opening the door to more than 100 markets through the UAE’s Free Trade and bilateral agreements for Israeli manufacturers. We are committed to providing the means necessary for businesses to reach markets faster, more efficiently, and at low cost.”
Besides opening an ongoing dialogue to explore ways and means for the reciprocal expansion of trade, investment and technology development, the agreement paves the way for exchange of trade missions.
The industrial zone is part of Abu Dhabi Ports’ Industrial Cities and Free Zone portfolio, which has over 554 sqm of industrial land, as well as 1,400 local, regional and international investors operating across the food, logistics, automotive, polymers, metals, oil and gas, life sciences, and advanced technology industries.
With a total area of 410 sqm and 100 sqm designated as a free zone, KIZAD is the largest industrial hub for integrated trade and logistics in the region, offering investors a highly efficient base for their trading, manufacturing units, export operations, and related activities. KIZAD’s proximity to two major seaports, four international airports with a two-hour driving distance, multilane congestion-free highways and the upcoming rail terminal within the zone makes it an ideal destination for businesses looking for a manufacturing base in the region.
ZonesCorp is the largest operator of purpose-built economic zones in the UAE, providing investors with a world-class, tax-free, platform that encourages growth. ZonesCorp’s economic zones are organised into vertically integrated clusters in complementary industries that bring upstream and downstream companies together, enhancing efficiencies, creating value chain benefits and providing a platform that encourages the incubation of industrial innovation.-WAM