The number of Israeli tourists visiting the UAE surpassed the one million mark since the signing of the Abraham Accord three years ago.
According to data released by the UAE Embassy in Israel, the number of flights increased from zero to 106 per week in three years, reflecting growing economic relations.
The UAE and Israel signed the Abraham Accord in September 2020, establishing economic and political relations. Since then, the two countries have signed numerous agreements to give fillip to trade, travel, tourism and other industries, especially new-age technologies such as artificial intelligence.
The UAE also signed the Comprehensive Economic Partnership Agreement (Cepa) with Israel. It was the first free trade agreement of Israel with a Gulf country, giving greater market access for UAE products entering the Israeli market, covering more than 96 per cent of tariff lines and 99 per cent value of trade with Israel.
“The Comprehensive Economic Partnership Agreement between the UAE and Israel will serve as a major engine to strengthen economic and commercial ties between the UAE and Israel. We expect the agreement to produce significant mutual economic benefits,” said Mohamed Al Khaja, the UAE ambassador to Israel, at the signing of the customs agreement recently.
Trade reaches Dh20.55 billion
According to the latest figures released by the UAE Embassy in Israel on X (formerly Twitter), bilateral trade between the UAE and Israel reached $5.6 billion (Dh20.55 billion) in three years since the signing of the Abraham Accord,
The trade of goods – excluding software – between the UAE and Israel reached $ 1.29 billion in the first five months of 2023 as compared to $912.5 million in the same period last year, up more than 41 per cent.
Trade of goods between the two countries during the January-May 2023 period exceeded all trade between them in 2021, said the Embassy of Israel in the UAE.
While the number of Israeli companies operating in the UAE has surpassed 70, signing more than 120 agreements and memorandum of understanding with local entities.