DUBAI — Dubai Chamber of Commerce and Industry and Tel Aviv Chamber of Commerce, represented by the Federation of Israeli Chambers of Commerce, have signed a strategic partnership agreement that paves the way for bilateral cooperation.

Under the terms of the agreement, both chambers will produce a joint study identifying synergies and sectors of mutual interest; create a roadmap of virtual events; commit to organizing a business delegation and mutual visits; host a joint business forum; and support new businesses, startups, and scale-ups with readily available resources and programs.

Other aspects of the partnership cover the chambers’ current activities, initiatives, and programs in areas such as research, networking, arbitration, mediation, education, training, women-in-business, best-practices, sustainability, and advocacy.

The partnership also brings benefits for the public and private sectors across the Middle East region by opening the door for cross-border collaboration across economic fields. The agreement between the two sides is part of a broader engagement between the United Arab Emirates and Israel to further peace, dialogue, and stability and promote sustainable development.

Hamad Buamim, the president & CEO of the Dubai Chamber, described the agreement as an important development that will build new bridges between the two business communities and establish a framework for bilateral economic cooperation and mutually-beneficial partnerships.

He noted that the agreement reflects the strong commitment of leaders on both sides to collaborate in a wide range of economic sectors, share knowledge, and capitalize on mutual business opportunities. It also reflects the openness of Dubai’s economy and the importance its leadership attaches to international cooperation, he said. Furthermore, the partnership improves prospects for economic growth in the region by creating new investment opportunities and contributing to enhancing the business environment, Buamim added.

Adv, Uriel Lynn, president of the Federation of Israeli Chambers of Commerce and Tel Aviv Chamber of Commerce said: "The declaration for a strategic partnership with Dubai chamber of commerce and Federation if the Israeli chambers of commerce (FICC) can be valued only in historical proportions. It is an agreement, which supports and enhances the peace agreement between the UAE and Israel.

"It creates a partnership between two countries, which have worked hard to build strong and prosperous economies for a better life for their people. It will build cooperation for two-way trade in areas, such as high-tech, tourism, aviation, investment, and real estate, and more specifically, cyber, clean-tech, irrigation, ag-tech, digital health care, and much more. Both economies will greatly benefit."

The new agreement is consistent with Dubai Chamber’s efforts to maximize opportunities for Dubai’s dynamic private sector, create fertile ground for investments from local, regional and international stakeholders, and provide education and skills training that enhances the capacity of its members to do business. — SG