JAFZA and Israeli Chamber of Commerce signs the MoU

Jebel Ali Free Zone (JAFZA), DP World’s flagship zone has made a strategic agreement with the Federation of Israeli Chambers of Commerce (FICC) to support each other in businesses and economic cooperation. JAFZA is one of the leading business and logistics hubs in UAE.

The agreement was signed virtually by Group chairman and CEO of DP World, Sultan Ahmed bin Suleyam and FICC President, Uriel Lynn. The MoU, states that both the countries will make use of every opportunity to establish contacts and foster new relations with the partners of the UAE and Israel in order to promote trade. The information on the new developments on economic relations between countries will be shared by both JAFZA and FICC. The terms and plans of economic planning in the two countries will also be included along with it.

Sultan Ahmed bin Suleyam was of the opinion that, “the recent relationship between UAE and Israel has been an opening for many sectors for both the countries and that DP World looks forward for boundless opportunities of growth through this agreement. Israel is a country with phenomenal innovation and technology, as far as UAE is concerned, it holds a prime position in the global trade and is one of the greatest business hubs in the world and this establishment will bring in economic growth and will transform business in both the countries.”

He also added, “According to the World Bank, UAE is ranked fifth in the world with gross domestic product purchasing power per capita of AED 271,580 and in the first quarter of 2020, the country’s GDP was AED 368.52 billion. The alliance will bring in a significant rise to these figures and we are hopeful about it. We are also positive that this agreement will strengthen businesses and amplify trade not only to UAE and Israel but also to other countries.”

“The alliance will also bring in peace to our people, our union focuses on the economic growth and stability of both the countries. We aim to create a forum in order to promote economic cooperation and to create new business opportunities in both countries. We hope this partnership will propel both countries to an all-new level of prosperity”, said Sultan Suleyam.

The countries will share information on prospects for market research, trade fairs and exhibitions, and trade missions organized in both countries. Lectures, symposiums, and other events that will enhance the economic relations between the countries will also be organized.