In an effort to improve the bilateral relations between UAE, Turkey, Egypt, and Israel, new representative offices were opened by the Dubai International Chamber last week. It is expected that the economic relationship and bilateral trade between these four nations will improve in the coming years.
The UAE completed around Dh82.28 billion worth of trade with these nations in the last year and in the future, it is expected to reach Dh100 billion. The representative offices opened in Cairo, Tel Aviv and Istanbul increased the expansion policies of the chamber to fifteen offices globally.
Dubai Global Initiative Program
It is part of the great vision of Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum to take Dubai and UAE to the center stage in terms of Global business and trade. The crown prince of Dubai and Chairman of the Dubai Executive Council aims to open around fifty such centers worldwide by 2030 as part of the ‘Dubai Global initiative.
Hassan Al Hashemi, Vice president of International Relations at Dubai Chambers expressed confidence that the opening of these new centers will help drive more businesses in both private and public sectors.
It will also enhance investment activities and economic cooperation among the countries. Dubai International Chamber comes under the three chambers of Dubai Chambers. Al Hashemi said that these places will be used for organizing seminars and business events so that plausible partnership can be identified and encouraged from these countries.
Atik Munshi, managing partner of FinExpertiza UAE said that Turkey and Egypt are prominent trade partners with UAE and now Israel has also joined the league as part of the Accord. With the opening of the offices in these countries, the UAE will be focusing on garnering useful information regarding business investment and also being a consistent presence in the sector as an ideal partner for these nations. It will also help in the execution of business deals by providing the necessary paperwork without delay ensuring transparency and swiftness.
The total non-oil trade value between Egypt and the UAE reached $7.5 billion in the last year. The country of Egypt had active trade relations with the UAE for the last couple of years leading to a rise in its ranking among the list of countries who had trade relationships with the UAE. Now Egypt stands at the twentieth position among other partnering countries globally and among African nations it ranks second.
Mariam Khalifa Al Kaabi, UAE Ambassador to Egypt hopes that these bilateral relations will help foster a culture of peace and prosperity among these nations. This sort of shared commitment will assist in achieving stability through political and economic strategies. The bilateral ties will improve the job opportunities for the local people of these nations and also create a better standard of living through economic development throughout the Middle-east nations.
The non-oil trade between Turkey and the UAE yielded around $13.73 billion last year which saw a growth of around fifty-four percent when compared to the trade figures for 2020. The ranking Turkey among the trading countries of the UAE jumped from twentieth to seventh in 2021.
Saeed Thani Hareb Al Dhaheri, UAE Ambassador to Turkey said that the strategic positioning of Turkey and UAE as an economic bridge between Asia and Europe has helped the nations to immensely capitalize on the trading environment.
Israel and UAE also improved their bilateral relations and in 2021 the value was recorded at $1.19 billion and it jumped to the 58th position in the trade rankings of UAE. The representative office started in Tel Aviv will help in creating new business opportunities and Middle-east, North Africa, and South Asia (MENASA) trade routes. It will also assist Dubai entrepreneurs to explore new business opportunities across Israel.