The Dubai Airport Free Zone Authority (DAFZA) inked a deal with the Federation of Israeli Chambers of Commerce (FICC) to create a framework for bilateral cooperation.
It's aimed at supporting Israeli companies in establishing their businesses in Dubai and taking advantage of commercial and investment opportunities and incentives.
The MoU was formalised at a virtual ceremony attended by Dr. Mohammed Al Zarooni, Director General of DAFZA, and Uriel Lynn, President of the FICC.
Under the MoU, DAFZA will promote the emirate of Dubai as a global trade centre to Israeli companies and introduce them to business and investment opportunities provided by the emirate.
Activities will include virtual seminars and tours aimed at providing information on DAFZA's registration process and other business set-up procedures.
Under the MoU, the two parties will also exchange information and experiences to achieve common goals and help member companies of their organisations ease their entry into each other’s markets through services and facilities provided by DAFZA and FICC.
“DAFZA’s strategic location, which makes it a gateway to Asian markets, and its ability to facilitate smoother and faster trade in the region through Dubai, places it in a good position to offer new opportunities for Israeli companies," said Dr. Al Zarooni.
Meanwhile, Lynn described it as an "exceptional opportunity that offers an example of what can be achieved in our world if two countries are committed to creating more prosperity for their people".
"It will be mutually advantageous for Dubai and the Israeli business community, as more businesses will utilise the facilities and services in DAFZA and create a bridgehead for Israeli businesses for enhancing their foreign trade in products and services," he added.
The agreement between both sides will particularly benefit companies in the logistics, technology, electronics, precious stones and metals, agricultural, pharmaceutical, medical equipment, and research and development sectors.