UAE Eyes $1 Trillion Economic Activity With Israel Over 10 Years
By Abeer Abu Omar
13 September 2021, 14:29 BST
Updated on 14 September 2021, 09:35 BST
Abdulla Bin Touq Al Marri,
Abdulla Bin Touq Al Marri, Photographer: Valery Sharifulin/TASS/ Getty Images
The United Arab Emirates is seeking to grow economic ties with Israel to more than $1 trillion over the next decade, Economy Minister Abdulla Bin Touq said Monday, strengthening a year-old relationship that’s already produced billions of dollars worth of business.
Those deals include Mubadala Investment Co.’s $1 billion purchase of Tel Aviv-listed Delek’s stake in an Israeli gas field, Bin Touq told a virtual conference from the U.S., where he is leading a high-level business delegation. The Gulf country has also signed more than 60 memorandums of understanding with Israel since normalizing relations in 2020, he said, and is expecting an “influx” of trade in the next two years.