https://arab.news/wuxsr
- Abdulla bin Touq Al-Mari said the UAE-Israel accord could generate between $300 million and $550 million in new business deals for his country
- Al-Mari predicted that the UAE and Israel will partner in developing solar power for the region, that there will be a focus on reducing trade tariffs
CHICAGO: The accord between Israel and the UAE will help the latter shift its reliance on oil production and exportation to other industries in the near future, Emirati Economy Minister Abdulla bin Touq Al-Mari told a gathering hosted by the Atlantic Council and attended by Arab News.
The UAE and Bahrain each signed peace deals with Israel, dubbed the Abraham Accords, at the White House on Tuesday.
Al-Mari said the UAE-Israel accord could generate between $300 million and $550 million in new business deals for his country.
The UAE is the eighth-largest oil-producing country in the world, and seventh in terms of oil exports, which the country estimates accounts for a quarter of its gross domestic product.
鈥淏oth nations (the UAE and Israel) will learn from each other 鈥� In the UAE we鈥檙e very strong in trade. We鈥檙e very strong in terms of logistics, in airlines, construction,鈥� Al-Mari said, adding that water and agricultural development are important too.
鈥淭here鈥檚 a lot of learning in future technology here 鈥� The current economic mix for the region can鈥檛 depend on oil,鈥� he said.
鈥淲e need to redesign the future of the economy, the future of the economic mix. What mix of the economy do we need 10 years down the line? That鈥檚 what鈥檚 important, and that鈥檚 what the conversation is going to be about.鈥�
Al-Mari predicted that the UAE and Israel will partner in developing solar power for the region, that there will be a focus on reducing trade tariffs, and that the accord will progress better than those struck by Israel with Egypt and Jordan.
鈥淲e鈥檙e very, very excited. I think both nations (the UAE and Israel) come in with an attitude of excitement and curiosity 鈥� How can we change for the better?鈥� he said.
鈥淚 think it鈥檚 important to look at our strengths 鈥� We have so many similarities on things that we do. We have a lot of similarities in our economics 鈥� and I think it鈥檚 just a matter of putting our heart into it, our mind to it and moving forward faster with it,鈥� he added.
鈥淭his signing was historic. It was a day that fills the future with optimism, hope and confidence.鈥�
Al-Mari said he received his first phone call from an Israeli official the morning before the discussion, from the minister of economy and trade.
鈥淲e had a great conversation 鈥� We said, 鈥楲et鈥檚 move fast, let鈥檚 move for the nation, let鈥檚 move for the people, let鈥檚 move for the Palestinian people鈥�.鈥�
Al-Mari emphasized several times that the interests of the Palestinians will continue to be a priority for the UAE.
鈥淲e have confirmation from both parties (the US and Israel) that this agreement will bring benefits to the Palestinians,鈥� he said.
Al-Mari added that the UAE-Israel deal will not be one-sided, and that the two countries will 鈥渃omplement鈥� rather than 鈥渃ompete.鈥�