The Ras Al Khaimah Economic Zone (RAKEZ) and the Israeli Manufacturers Association (IMA) have inked a deal to enhance mutual investment and manufacturing, as reported by the UAE’s WAM state news agency on Wednesday.
The Memorandum of Understanding (MoU) aims to foster collaboration between the two parties to create investment opportunities and expand the operations of industrial companies, according to WAM.
The UAE and Israel embarked on the normalisation of relations in August 2020 under the Abraham Accords, with both countries ratifying the agreement in October of the same year.
Rami Jallad, CEO of RAKEZ, emphasised the importance of advancing cooperation between the UAE and Israel, stating, “It is imperative that we move forward towards enhancing the level of cooperation between the UAE and Israel.”
The Israeli Manufacturers Association encompasses companies operating in various sectors, including advanced technology, textiles, fashion, chemicals, pharmaceuticals, environment, food, metals, electricity, infrastructure, and consumer products.
While the UAE pursues increased economic engagement with Israel, other Arab nations that were on the path towards normalisation, such as Saudi Arabia, have exhibited hesitance due to concerns over the far-right nature of Israel’s current government. Furthermore, mounting violence from the Israeli state and settlers, driven by Israel’s illegal expansion of settlements in the West Bank, has also influenced Arab states’ approach.
The Abraham Accords have faced criticism from Palestinians and activists who view them not only as a means to normalise relations with Israel but also as an endorsement of Israel’s illegal occupation of Palestinian land and its increasingly nationalist political stance.
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