DP World chief sees $5 billion trade between UAE and Israel after normalisation agreement
DP World chief sees $5 billion trade between UAE and Israel after normalisation agreement
The DP World chief sees big returns in UAE and Israel trade relations.
1 min read
DP World appears set to invest in Israel's Haifa port [Getty]
Bilateral trade relations between the UAE and Israel could reach $5 billion, the head of DP World said Monday, one of the world's largest port operators.
DP World Chairman Sultan Ahmed bin Sulayem told a UAE-Israel conference in Dubai that Israel is a logical stop-off point for trade between Europe and the Middle East.
"The port facilities (in Israel) will allow us to link our ports in Europe to the Middle East," bin Sulayman said, according to Reuters.
DP World operates a number of facilities in Europe and the Middle East and sees Israel as a useful port of call between the two destinations.
The Dubai-based company, which runs the Middle East's biggest transhipment port, signed a series of agreements with Israel's DoverTower in September, including a joint bid to invest in Haifa port.
The UAE broke with Arab consensus on the Palestine issue by signing an agreement to recognise Israel in September.
Bahrain and Sudan have joined the UAE is normalising ties with Israel and other Arab states predicted to follow.
Israel and the UAE have since agreed a raft of business deals and memorandum of understandings, while flights between the two countries have also been established.
DP World Chairman Sultan Ahmed bin Sulayem told a UAE-Israel conference in Dubai that Israel is a logical stop-off point for trade between Europe and the Middle East.
"The port facilities (in Israel) will allow us to link our ports in Europe to the Middle East," bin Sulayman said, according to Reuters.
DP World operates a number of facilities in Europe and the Middle East and sees Israel as a useful port of call between the two destinations.
The Dubai-based company, which runs the Middle East's biggest transhipment port, signed a series of agreements with Israel's DoverTower in September, including a joint bid to invest in Haifa port.
The UAE broke with Arab consensus on the Palestine issue by signing an agreement to recognise Israel in September.
Bahrain and Sudan have joined the UAE is normalising ties with Israel and other Arab states predicted to follow.
Israel and the UAE have since agreed a raft of business deals and memorandum of understandings, while flights between the two countries have also been established.
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