The new U.A.E. Minister of Economy, His Excellency Abdulla bin Touq Al Marri, discussed the economic and trade implications of the U.A.E.-Israel Peace Accord on Monday September 14th as part of a joint webinar that was hosted by the U.S.-U.A.E. Business Council, the U.S.-Israel Business Initiative at the U.S. Chamber of Commerce, and with the support of the Trade and Commercial Office at the U.A.E. Embassy in Washington, D.C. A video of this event can be found here.
Minister Al Marri elaborated on the opportunities for new business, trade, and commercial links between Israel, the United Arab Emirates, and involving the United States. Minister Al Marri also commented on the impact this deal will have on the future of the country. He stated, “We are starting on a new journey that we must all take together towards peace, stability, and hope of a better life for our people and our region. Business leaders will play a major role in advancing this vision of the future.” While these new trade and capital flows will immediately benefit Israel, the U.A.E., and the U.S., they also stand to have a significant spill-over effect on the entire Middle East region and broader global economy.
Clockwise from top left: His Excellency Abdulla bin Touq Al Marri, U.A.E. Minister of Economy; Danny Sebright, President, U.S.-U.A.E. Business Council; Khush Chosky, Senior Vice President for Middle East, Turkey, and Central Asia Affairs, U.S. Chamber of Commerce; and Josh Kram, Senior Director Middle East Affairs, U.S. Chamber of Commerce
Minister Al Marri made his remarks during his visit to Washington, D.C. as part of the official U.A.E. delegation attending the U.A.E.-Israel Peace Accord signing ceremony. The U.A.E. and Israel will officially sign the Accord tomorrow, Tuesday, September 15th in Washington, D.C., making the U.A.E. the third Arab country and first Gulf country to establish diplomatic and normalized relations with the State of Israel.
During the webinar with several hundred Business Council and Chamber members on the sidelines of this visit, Minister Al Marri elaborated on key business verticals and sectors that will see immediate attention. Life Sciences, Pharmaceuticals, Food Security, Financial Services, Tourism and Travel, Energy, as well as Space, Defense, and Security are ripe for new business partnerships, as well as joint R&D and joint investments in both countries.
A significant number of American companies and investors already form the connective tissue in this relationship by having regional offices and headquarters in Israel and the U.A.E. Minister Al Marri underscored the important role U.S. companies and investors will play in helping to establish the ties that will bind this new relationship well into the future.
During the webinar, His Excellency also addressed his recent appointment as Minister of Economy earlier this year in June, the related restructuring of the Ministry of Economy, and his goals and objectives for the Ministry as the U.A.E. looks to emerge even stronger from the Covid-19 pandemic.
Minister Al Marri again reiterated that the U.A.E.’s Ministry of Economy looks forward to playing a pivotal part in establishing these new business and trade relationships with Israel, and welcomes the constructive role that will be played by the U.S and the participation of U.S. companies and investors.