UAE looks to Israel economies ties by $1 trillion over 10 years

The UAE has signed more than 60 memorandums of understanding with Israel since last year.

The United Arab Emirates is seeking to grow economic ties with Israel to more than $1 trillion over the next decade, Economy Minister Abdulla Bin Touq said Monday, strengthening a year-old relationship that’s already produced billions of dollars worth of business. The Gulf country has signed over 60 memorandums of understanding with Israel since normalizing relations in 2020 and is expecting an “influx” of trade in the next two years, Bin Touq told a virtual conference from the U.S., where he is leading a high-level business delegation. The UAE was looking at sectors including defense, energy and food security. “We have $600 to $700 million dollars of bilateral trade happening, we have funds of billions of dollars that have been announced jointly between the two countries, we are moving into so many areas of economic opportunities,” he said. “We are looking to create over $1 trillion dollars of economic activity over the next decade.”