The UAE’s Minister of State for Foreign Trade Dr. Thani bin Ahmed Al Zeyoudi revealed the news at the World Economic Forum in Davos, Switzerland, on Wednesday.
“In the last two years, the trade volume between the UAE and Israel exceeded $2.45 billion just in two years. Only in the first quarter of 2022, we already exceeded $1 billion, which means this year we’re going to exceed $2 billion,” said Al Zeyoudi.
“We already have some of the offices for our main sovereign wealth companies based in Israel and many of the Israeli companies are opening their licenses within the UAE,” he added.
The UAE has been the country to make the greatest economic gains with Israel since the signing of the Accords in 2020. However, Bahrain has also seen positive economic growth following the normalization between the two countries.
By the end of 2021, the Abraham Accords Peace Institute (AAPI) reported $6.5 million in trade between Israel and Bahrain.
In addition, 2021 saw $41.6 million in trade between Israel and Morocco, $246.1 billion with Egypt and $455.8 billion with Jordan.
“While the historic Abraham Accords have led to an exciting surge in economic ties between Israel and its new Arab partners, the Accords’ promise goes much deeper than bilateral business deals. The peace agreements have the potential to transform the region, creating a new Middle East corridor of prosperity, stability, and trade,” the AAPI report stated.
The business growth is in addition to expansions in an array of other areas. New changes also included expanded travel opportunities, a new exchange of ambassadors and the potential for additional nations to consider joining the historic agreement in the days ahead.