Israel’s Bank Hapoalim Ltd. and the Israel Export Institute will lead a business delegation to the UAE in December, consisting of 200 Israeli entrepreneurs, scientists and businesspeople, for four days of meetings with local investors, financial and government institutions, and tech firms.
The participants will also attend an Israel Day event, which will be part of the GITEX Technology Week event taking place in the Dubai Trade Center on December 6-10, in which the Israeli representatives will hold one-on-one business meetings with counterparts.
At Gitex, some 4,500 businesses and over 100,000 visitors attended in 2019, from 140 countries. The event also attracted over 750 startups, according to the website.
Bank Hapoalim and the Export Institute are calling on companies to join the delegation, which will focus on four main themes that are of interest in the UAE: financial technologies, including payments startups and insurance technologies; high-tech firms, academic research institutes, cybersecurity and investment funds; healthcare and medtech; and food security, which includes food and agriculture, water and energy technologies.
The normalization of ties between Israel and the UAE in September caused a flurry of activity on both sides, with businesses, investors and startups working to pave the way to strong and open ties between the nations.
Israel’s Bank Leumi Le-Israel and Hapoalim, two of Israel’s largest banks, have already led business delegations to the UAE. Hapoalim said in September it had signed an agreement with the biggest bank in Dubai, National Bank of Dubai. Leumi, also in September, signed cooperation memorandums of understanding with First Abu Dhabi Bank (FAB) and the Emirates NBD of Dubai.
Israel’s Economy Ministry has estimated that the normalization of ties between Israel and the United Arab Emirates could be worth hundreds of millions of dollars a year to Israel in trade and investments. According to figures compiled by the ministry, based on various scenarios, exports to the UAE, which are currently at around $300,000 a year, could jump to an annual $300 million-$500 million.