ABU DHABI (17th Sep, 2020): The United Arab Emirates (UAE) and Israel are reportedly in talks about including Palestinian areas in their bilateral economic engagement as per a top UAE official.
According to reports, UAE and Israel are in talks to include some parts of Palestinian territory in to their bilateral economic engagements so as to benefit Palestinians as revealed by a top official of UAE.
Abdullah bin Touq Al Marri, Minister for Economy has stated at an online event that there has been discussion with Israel’s Minister for Economy and that the two are “working on something”. When asked for more details, following the question by Amjad Ahmad of empowerME, who moderated the event, Al Marri added, “We are in talks and that is part of my agenda as well”. Reportedly the UAE Minister did not elaborate any further.
Moreover, when asked if Israel has put forward US$500 million as “the potential value of the UAE-Israeli economic engagements”, the UAE Minister replied that he does not have any specific figures but that they were in the discussion phases and will announce figures very soon, according to reports of the Emirates News Agency. He then, proceeded to estimate that roughly US$300 million to US$500 million worth of businesses are expected to emerge from the bilateral ties between USE and Israel. However, “an exact figure will come later”, he added.
According to reports, the ongoing dealings between the two states are expected to not cause any competition rather to enhance economic interests of both, stated Al Marri.
In addition to this, Al Marri also addressed the issue of economic recovery post-COVID and said that the research, development and technology sectors are expected to play a pivotal role in the progress. He went on to state that a reduction of tariff on trade is also expected to help he UAE’s economy get back towards recovery.
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