UAE seeks staggering $1 trillion in economic ties with Israel over next decade

A year after the photo-ops in Washington DC and the breathless reports from the footsteps of the Burj Khalifa, the United Arab Emirates believes that economic activity with Israel could reach more than $1 trillion over the next decade.

That stratospheric figure was touted this week by Emirati Minister of Economy Abdulla bin Touq Al-Marri during a virtual event marking the first anniversary of the Abraham Accords, the historic US-brokered agreement that normalized ties between Israel and the UAE, quickly followed by Bahrain, Sudan and Morocco.

While Israelis have long maintained quiet commercial and security ties with the UAE, the normalization agreement was seen as a potential economic boon, with increased access to the global business and shipping hub of Dubai, on top of tourism and energy.

The Emirati minister noted that Israel and the UAE have already signed off on over $600 million in bilateral trade for the first half of this year in areas like food, agriculture, healthcare, aviation, water and energy, as well as dozens of MOUs (memorandums of understanding) that outline existing and future deals.

A year after the accords, “we have a story [to tell], and the major story is that we exchanged ambassadors, we have signed over 60 MOUs, we have $600-$700 million of bilateral trade happening… [and] we are moving into so many areas of economic opportunities,” bin Touq Al-Marri said on Monday.

Read More: Times of Israel