The United Arab Emirates’ Jebel Ali Free Zone has signed a memorandum of understanding with the Federation of Israeli Chambers of Commerce (FICC), state news agency WAM said on Friday.
The “strategic agreement” aims to build new partnerships and facilitate the sharing of information, WAM said.
The UAE and Israel agreed in August to normalize ties between the two countries.
The Jebel Ali Free Zone (Jafza) is DP World’s flagship Free Zone and the leading business and logistics hub in the UAE.
“The recent development in the UAE’s and Israel’s bilateral agreements has opened up new avenues in an array of sectors. We at DP World, welcome this trailblazing move that will provide boundless growth opportunities,” said Sultan Ahmed Bin Sulayem, Group Chairman and CEO of DP World.
“The establishment of direct ties between two dynamic and advanced economies in the Middle East will undoubtedly provide impetus to economic growth, transforming the business landscape in the UAE. Israel has phenomenal innovation and technological capabilities, whereas the UAE holds a prime position in the world of global trade and is one of the greatest business hubs in the world,” he added.
Earlier last week, Israel’s Bank Leumi and Dubai’s DP World said on Monday they had agreed to partner in boosting trade between Israel and the rest of the Middle East.