FORGING NEW TIES

In an exclusive interview, co-founders of the UAE-Israel Business Council Fleur Hassan Nahoum and Dorian Barak outline how the peace deal will alter the bilateral economic landscape

- Aarti Nagraj

“It feels like we are dating” – those are the words that Fleur Hassan Nahoum, Jerusalem’s deputy mayor uses when describing the new relationship between the UAE and Israel.

“In all our conversations and the new friends we’ve made, what is really clear is that both sides have a real thirst for a warm peace. And I’ve never experienced that. I think we are living in historic times, we are curious about each other and we want to get to know each other. It’s so interesting and exciting – we are really making history here,” Nahoum, who is also co-founder of the UAE-Israel Business Council, tells Gulf Business.

There has been a strong momentum following the signing of the historic Abraham Accords between the UAE, Bahrain and Israel in the US in September. Last month, the first-ever official delegation of UAE ministers visited Israel, where a number of landmark agreements were signed across sectors including investment, tourism, financial services and technology.

The UAE, US and Israel have also jointly established a $3bn Abraham Fund to help stimulate private sector-led investments across the region. The fund will bolster regional trade, enable strategic infrastructure projects and increase energy security.

From a business perspective, it is almost as if the floodgates have been opened in terms of potential collaborations between the UAE and Israel, opines Dorian Barak, also a co-founder of the UAE-Israel Business Council. The council, which was established in June of this year – prior to the peace treaty being signed between the countries – aims to foster economic cooperation and business partnerships between the two sides.