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UAE: Bank Hapoalim reorganizes business delegations

In parallel with the CBS data on the increase in exports to the United Arab Emirates in the first half of 2021, Bank Hapoalim announced that it will resume business activities for business delegations. The first delegation with 250 participants will leave for Abu Dhabi and Dubai immediately after Sukkot

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• Abu Dhabi

• Bank Hapoalim

• Dov Kotler

• Export Institute

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Sunday, 12 September 2021, 09:03 Updated: 10:17

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When the Abrahamic Treaty was signed, many doubted its ability to contribute to growth in economic activity between Israel and the United Arab Emirates. The harsh critics defined the agreement as an "arms deal with an economic clause," while others claimed that "under the radar" activity of Israeli businessmen took place before the agreement and more.

Now, after nearly a year since the signing, the numbers are becoming clear - the fruits of economic peace, with a significant increase in all trade indices compared to the period before the agreement.

Banks in Israel have also discovered the potential of the UAE and in the months since the agreement was signed, have sent out delegations of businessmen who are among the bank's customers, who are interested in exploring business opportunities in Dubai and Abu Dhabi, especially in high-tech, fintech, cyber and advanced plots. only.

In December 2020, Bank Hapoalim sent its first delegation to Dubai, in cooperation with the Export Institute and the Ministry of Economy, and the bank defines that trip as "Unprecedented success. "

Despite the success, Corona's restrictions prevented the launch of new delegations - until the workers' announcement now, of a delegation of 250 Israeli businessmen, which will leave soon - as early as October, this time the delegation will also visit Abu Dhabi.

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Scenic view of Dubai.

The feeling among elements in Israel that the volume of trade with the Emirates is only beginning to scratch the potential that is really embodied in it (Photo: ShutterStock, Shutterstock)

NIS 2 billion, not including high-tech

This will be the first Israeli business delegation to Abu Dhabi, the United Arab Emirates' center of government and business, and it will tour and meet with senior government officials. The Israeli participants in the delegation will meet with senior officials who manage the country's wealth funds - which are the leading investment funds in the world, and will present to them the leading Israeli industries in the fields of high-tech, industry, infrastructure, trade and retail.

In addition, the participants of the delegation will have the opportunity to tour the EXPO Dubai exhibition and the Israeli pavilion "To the Tomorrow", established by the Ministry of Foreign Affairs, and will also be exposed to pavilions from 190 other countries. Hoping to meet not only eminent figures, but businessmen from around the world.

The members of the delegation will be from areas defined by the other side as having the potential for cooperation in the high-tech fields, including agrotech, energy and cleantech, fintech, podtech, health technologies, water and cyber, as well as companies in the fields of construction, industry and smart transportation.

The CBS recently published data on Israeli trade to the United Arab Emirates during the months of January-July 2021. According to the data, trade in goods between Israel and the United Arab Emirates amounted to about $ 610 million.

Exports of goods from Israel to the United Arab Emirates amounted to about $ 210 million. $ 150 million (70% of total exports). Industrial exports amounted to about $ 60 million (three times the amount recorded in 2020, before the declaration of official relations between the two countries). Imports of goods from the UAE amounted to about $ 400 million. totaled $ 190 million (almost half of the total imports of goods). industrial imports totaled approximately $ 210 million.

according to the Israel export Institute estimates, a significant share of bilateral trade is the export of high-tech services such as cyber technologies, AI and more, there are no data about them Scissors.

Bank Hapoalim CEO Dov Kotler: "Breakthrough Delegation" (Photo: Gadi Dagon)

Bank Hapoalim CEO Dov Kotler: "The bank is happy to continue to be a pioneer in new markets for the benefit of its customers.

"Bank Hapoalim has adopted a strategy of transport to the Gulf states, and the delegation, there will be a delegation breakthrough in creating links with Abu Dhabi - which is known as one of the most important centers in the fields of finance, trade and high-tech.

Along with all appointments with local businessmen, invited all the participants of the delegation "To reveal their work at the International Expo Dubai, which is one of the most important international exhibitions in the world that will allow Israeli businessmen to make connections on this important platform."

Chairman of the Export Institute, Adiv Baruch: "An extraordinary opportunity" (Photo: Ronen Ackerman)

"It is the economy that is changing the face of the region"

Chairman of the Export Institute, Adiv Baruch

: "The business delegation that will leave for the United Arab Emirates a year after the Abrahamic Agreements, is another stage that joins the joint activities between the countries.

Since the agreement, a new window has opened and it is the economy that is changing the face of the region and constitutes a diplomatic infrastructure for tightening ties.

The Export Institute is happy to lead, together with the Director of Foreign Trade at the Ministry of Economy, a wide range of business opportunities for Israeli industry, including delegations and other events that will take place throughout the year to the Israeli Foreign Ministry Pavilion at EXPO Dubai.

I call on Israeli companies to take part in the many events that undoubtedly constitute an extraordinary opportunity for Israeli industry. "

The heads of the Export Institute, the Ministry of Economy and Bank Hapoalim with Dr. Ahmad Bahlul El Palace, Minister of Innovation and Fintech of the United Arab Emirates, at a conference held in Dubai in December 2020. This time they will also visit Abu Dhabi (Photo: Yitzhak)

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