Israel and the United Arab Emirates continue to build trade ties as the nations pass the two-year mark of signing the Abraham Accords.
This week marked another milestone as a delegation from the UAE rang the Tel Aviv Stock Exchange opening bell as part of a visit to further discuss economic efforts between the two nations.
Emirati investor Sabah Al-Binali, part of the visiting UAE delegation, told the BBC the change has been historic.
“We are witnessing history in the making, seeing the steady development of a long, deep and fruitful relationship between natural Middle East neighbours,” he said.
Al-Binali sees the growing business ties between Israel and the UAE as a win-win for all parties involved.
“There is so much natural synergy between Israeli and Emirati business and technology skills and experience, that I expect the results of our cooperation to be even greater than the sum of the already impressive parts,” he added. “We are currently looking at joint projects in logistics, med-tech, ag-tech and cybersecurity, to name just a few sectors where work is already advanced.”
The report estimated that the trade between Israel and the UAE could pass $10 billion over the next five years.
In addition to economic ties, the two nations have worked together in a growing number of other areas. From regional travel to technology to defense against Iran, the economic connections serve as a basis for a variety of new developments.
A free trade agreement signed in May between the two nations further enhanced the financial moves by eliminating most tariffs.
“Our agreement will accelerate growth, create jobs and lead to a new era of peace, stability, and prosperity across the region,” Emirati trade minister Thani Al Zeyoudi said on Twitter following the agreement.