In anticipation of peace treaty, business deals start rolling in
Business

In anticipation of peace treaty, business deals start rolling in

New shipping route from Israel to Dubai could benefit the Palestinian economy as well.

Israeli banks Discount, Bank haPoalim and Bank Leumi stand next to each other in the center of Tel Aviv.   Photo by Miriam Alster/ FLASH90
Israeli banks Discount, Bank haPoalim and Bank Leumi stand next to each other in the center of Tel Aviv. Photo by Miriam Alster/ FLASH90

A huge business deal announced today between an Israeli and United Arab Emirates company includes the possibility of new shipping routes between Israel’s port in Eilat to the UAE’s port in Dubai.

Such a deal would not have been possible without a treaty between Israel and the UAE, due to be signed later today.

Globes, Israel’s financial news, reported that Dubai’s international shipping giant DP WORLD and the Israel Shipyards signed the agreement a few days ago. “Industry sources believe that the two companies will bid jointly in the tender for the privatization of Haifa Port. This will be the first time that a company from the United Arab Emirates (UAE) participates in an official government tender in Israel.”

A few weeks prior to this deal, Shlomi Fogel, co-owner of Israel Shipyards, told the Calcalist that he intends to set up a shipping route from Eilat to Dubai to export goods from Israel, the West Bank and Gaza.

“We want to see everyone enjoying this process,” he said. “If we can help, for example, export strawberries from Gaza or ship produce from the West Bank mixed together with Israeli produce—maybe even include Jordanian goods—there will be nothing to stop us from servicing the entire Persian Gulf.”

Israel’s largest bank, Hapoalim, announced on Monday that it had signed an agreement with the biggest bank in Dubai, the National Bank of Dubai last week. In a statement, HaPoalim CEO Dov Kotler said the agreement would give Israeli clients direct transactions in the UAE and other countries.

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