UAE seeks $1 trillion in economic activity with Israel by 2031



Dawn Staff | Dawn

The United Arab Emirates aims to raise the value of economic activity with Israel to more than $1 trillion in the next 10 years, hoping to work together on everything from healthcare to climate change and energy, the UAE economy minister said.

The Gulf Arab state has signed dozens of memorandums of understanding with its new ally in the year since it became the first Arab state to normalise ties with Israel this century.

It was not immediately clear how the two countries expect to reach $1tr in economic activity in the next decade. Each country has a gross domestic product of roughly $400 billion.

The UAE and Israel have between $600 million and $700m in bilateral trade, the minister, Abdulla Bin Touq Al Marri, told a virtual conference on Monday. Reaching that level in one year was “an achievement by itself,” he said.

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