DP World and Dubai Customs agree to form trade links with Israel

DP World and Dubai Customs agree to form trade links with Israel
The partners will form a joint tender to participate in the Port of Haifa's privatisation

Following the normalisation of relations between the UAE and Israel, DP World and Dubai Customs are planning to develop trade links between the countries, with a focus on ports, free zones and infrastructure.

DP World’s group chairman and CEO Sultan Ahmed bin Sulayem signed memorandums of understanding (MoUs) with DoverTower, a company owned by Shlomi Fogel, the co-owner of Israel Shipyards and Port of Eilat.

The agreements create a framework for the companies to work together in assessing opportunities to develop infrastructure for trade between Israel and the UAE, as well as within Israel and the region.

In addition to the signing, Fogel announced that DP World and Israel Shipyards will collaborate to establish a joint venture that will participate in the tender for privatisation of the Port of Haifa.

In particular, the MoUs cover three broad areas of cooperation including DP World assessing the development of Israeli ports and free zones and the potential establishment of a direct shipping route between Eilat and Jebel Ali.

Dubai Customs will promote and facilitate trade between private entities in the two countries through customs best practice and seamless, innovative processes.

Meanwhile, Drydocks World will explore business opportunities with Israel Shipyards on a joint venture for developing, manufacturing and marketing ISL products.

Sulayem stated: “The MoUs will contribute to the efforts to tap economic and trade cooperation opportunities, and facilitate development-oriented linkages between the two countries.

“DP World’s mission is to enable global trade – our work to build trade routes between the UAE, Israel and beyond will help our customers to do business in the region more easily and efficiently.”

Fogel said: “I believe that this agreement is just the beginning of mutual and long collaboration and more agreements will follow between DP World and DoverTower across different industries.”

He added that the strategic partnership will “positively impact the global trade and economy while strengthening the commercial relationship between the state of Israel and the UAE”.