Abu Dhabi Ports and the Manufacturers Association of Israel have signed an agreement to enhance trade, investment and technology cooperation between the United Arab Emirates and Israel.
The memorandum of understanding (MoU) will open a dialogue between Abu Dhabi Ports’ subsidiaries KIZAD and ZonesCorp, which are under its Industrial Cities and Free Zone Portfolio, and MAI to contribute to the reciprocal expansion od trade and investment and technological development.
It will also improve research and development (R&D), innovation and cooperation in technology, according to a statement.
The MoU was signed by Captain Mohamed Juma Al Shamisi, Group CEO, Abu Dhabi Ports and Dr. Ron Tomer, President of the Manufacturers Association of Israel at Khalifa Industrial Zones Abu Dhabi (KIZAD) to agree on the cooperation and trade enhancement.
This is the first agreement signed by Abu Dhabi Ports with an Israeli trade organisation since the ratification of the peace agreement between the UAE and Israel, in Washington DC in September 2020.
It will provides a clear, effective, and efficient framework for industrial cooperation, knowledge transfer and trade facilitation, the parties said.
Falah Mohamed Al Ahbabi, Member of the Abu Dhabi Executive Council and Chairman of Abu Dhabi Ports said: “The UAE leadership’s vision for the region and the subsequent signing of the peace agreement sets a great precedent for industrial cooperation and offers a wide range of opportunities to businesses to enhance their networks of trade and manufacturing.
“Abu Dhabi Ports is well-positioned to offer Israeli industrial manufacturers the best solutions for their businesses within KIZAD and ZonesCorp.
“We look forward to engaging with our friends from Israel and welcoming them to experience our leading-edge services and facilities.”
Ron Tomer, President of the Manufacturers Association of Israel, said: “This initial agreement is the start of the new and warm trade relations that are emerging between Israel and the United Arab Emirates following the signing of the peace agreement.
“We plan to continue in this important path and promote cooperation between Israeli industry and high-tech to the business sector in the United Arab Emirates, and create new areas of trade that will open the economy, employment and society between the two nations, and beyond. ”
Mohamed Juma Al Shamisi, Group CEO, Abu Dhabi Ports, said: “KIZAD and ZonesCorp offer the Israeli industry a unique opportunity to scale their businesses exponentially in a cost-effective, timely, clearly defined and efficient manner.
“Through Abu Dhabi Ports, KIZAD and ZonesCorp act as a catalyst for business by opening the door to more than 100 markets through the UAE’s Free Trade and bilateral agreements for Israeli manufacturers.
“We are committed to providing the means necessary for businesses to reach markets faster, more efficiently, and at low cost.”