UAE's Ras Al Khaimah Economic Zone signs cooperation deal with Israel

The UAE and Israel will look to expand mutual investment and manufacturing under a deal signed on Wednesday between the Ras Al Khaimah Economic Zone (RAKEZ) and the Israeli Manufacturers Association (IMA), the UAE's WAM state news agency reported.

The Memorandum of Understanding (MoU) calls for the two sides to collaborate to create investment opportunities and expand the operations of industrial companies, WAM reported.

The UAE and Israel agreed to normalise relations in August 2020 as part of the Abraham Accords, with each ratifying the plan in October of that year.

"It is imperative that we move forward towards enhancing the level of cooperation between the UAE and Israel," said RAKEZ CEO Rami Jallad.

The IMA includes firms in sectors such as advanced technology, textiles, fashion, chemicals, pharmaceuticals, environment, food, metals, electricity, infrastructure and consumer products.

The UAE's move for increased economic activity with Israel comes as other Arab states poised for normalisation with Israel, such as Saudi Arabia, have drawn back due to the far-right nature of the current Israeli government, as well as increasing violence from the Israeli state and settlers as Israel's seeks to illegally expand settlement activities in the West Bank. 

The Abraham Accords have been criticised by Palestinians and activists as a way for regional powers not just to normalise the Israeli state, but to normalise Israel's illegal occupation of Palestinian land and its increasingly openly chauvinistic political character. 

(Reuters)