UAE Seeks $1 Trillion in Economic Activity with Israel by 2031

The United Arab Emirates aims to raise the value of economic activity with Israel to more than $1 trillion in the next 10 years, hoping to work together on everything from healthcare to climate change and energy, the UAE economy minister said, Reuters reported. The Gulf Arab state has signed dozens of memorandums of understanding with its new ally in the year since it became the first Arab state to normalise ties with Israel this century. It was not immediately clear how the two countries expect to reach $1 trillion in economic activity in the next decade. Each country has a gross domestic product of roughly $400 billion. The UAE and Israel have between $600 million and $700 million in bilateral trade, the minister, Abdulla Bin Touq Al Marri, told a virtual conference on Monday. Reaching that level in one year was "an achievement by itself," he said. "We are looking to create over $1 trillion dollars of economic activity over the next decade," he said, adding they are "moving into so many areas of economic opportunities." Israel says it expects $1 billion in trade with the UAE by end-2021 and $3 billion in three years, far below the UAE's $24 billion of exports in 2019 to its top destination, Saudi Arabia. Read more.