Israel sees trade with UAE at $4 billion a year

Israel sees annual trade with the United Arab Emirates reaching up to $4 billion, a senior Israeli official said on Monday, weeks after the countries normalized relations.

The remarks by the head of the economic section of the Israeli Foreign Ministry, Shai Babad, came after a series of announcements of cooperation deals between Israeli and Emirati companies following the historic U.S.-brokered pact.

'The scope of trade between the UAE and Israel will reach between $2 and $4 billion a year,' Babad told Israel's Army Radio. He did not say how quickly he expected that level to be reached.

Israel and the UAE are due to sign their formal normalization accord at the White House on Sept. 15. The agreements are also expected to include visa-free travel and closer security cooperation.

Israeli and Emirati businesses have since announced collaborations in sectors including banking and finance, mobile phone technology, and medical research. This follows the Abraham Accords that were announced in August 2020.