DP World and Dubai Customs say they are now exploring opportunities to develop trade links between Israel and the United Arab Emirates, following the signing of a series of memorandums of understanding (MoUs) between organisations in the two countries.
Indicating the new momentum, Group Chairman and CEO of DP World, H.E. Sultan Ahmed bin Sulayem, recently signed MoUs with DoverTower, a company owned by Shlomi Fogel, the co-owner of Israel Shipyards and Port of Eilat. Additionally DP World will assess the development of Israeli ports and free zones and the potential establishment of a direct shipping route between Eilat and Jebel Ali, while Dubai Customs will promote and facilitate trade between private entities in the two countries through customs best practice and “seamless, innovative processes.”
In addition, DP World subsidiary Drydocks World will explore business opportunities with Israel Shipyards including a joint venture for developing, manufacturing and marketing ISL products. It has also been confirmed that DP World and Israel Shipyards will collaborate to establish a joint venture that will participate in the tender for privatisation of the Port of Haifa.
In another notable development following the normalisation of relations between Israel and the UAE, Jebel Ali Free Zone (Jafza), DP World’s Free Zone business, has entered into a strategic agreement with The Federation of Israeli Chambers of Commerce (FICC), in an effort to support businesses and encourage economic cooperation. Sultan Ahmed bin Sulayem and Uriel Lynn, President, FICC signed the agreement virtually.