|
Trending Topics
|
Pact with UAE Opens Arab World to Israeli Business
(Globes) Dan Zaken - Israel's normalization agreement with the UAE will give Israeli businesses an official, stable bridge to the entire Arab world, particularly the other Gulf states, with Saudi Arabia at their head. The opportunities that have been opened up in the Arab markets for Israeli firms are huge, and could dramatically boost Israel's exports. Although there were substantial ties with the UAE before, a prominent businessperson and former senior officer in the security forces said the agreement lends legitimacy to buying from Israel, and now "the sky is the limit." The UAE has invested considerable efforts in diversifying its exports beyond oil. Exports account for almost half of the UAE's GDP, while the proportion from oil has fallen to about 1/3. With the opening of this bridge, the entire Arab market has in effect opened up, especially to Israeli technology companies.