The United Arab Emirates’ Abu Dhabi National Exhibitions Company (ADNEC) on Sunday signed a memorandum of understanding (MoU) with Israel’s exhibition center Expo Tel Aviv to cooperate in the “regional business tourism sector,” Emirates News Agency (WAM) reported.
“The Memorandum of Understanding (MoU) will forge a relationship between the leading exhibition centers, enhancing their respective new business pipelines and increasing opportunities for collaboration at both venues,” according to WAM.
WAM added that the MoU demonstrates the “wider spirit of cooperation between the UAE and Israel.”
The agreement took place virtually between Humaid Matar al-Dhaheri, Managing Director and Group CEO of ADNEC, and Tamir Dayan, CEO of Expo Tel Aviv.
In August 2020, Israel and the United Arab Emirates reached a historic peace deal that lead to a full normalization of diplomatic relations between the two Middle Eastern nations in an agreement that US President Donald Trump helped broker.
Dubai’s ruler and Vice President of the UAE Sheikh Mohammed bin Rashid Al Maktoum has sworn in the country’s first ambassador to Israel, Mohammed Mahmoud al-Khaja, the Dubai Media Office said on Sunday.
Businesses in the UAE and Israel have been taking full advantage of a historic deal between the two countries, as previously untapped markets become open for business.
In what some are calling a “new era of trade relations,” annual trade between Israel and the UAE is expected to reach $4 billion in just three to five years, Israeli Intelligence Minister Eli Cohen has previously said.