Panelists predict prosperous partnership between Israel and UAE

Economic relations between Israel and the UAE have gotten off to a flying start and there are few obstacles standing in the way of a successful and fruitful partnership, that was the bottom line of the panel held on Thursday as part of the first Israel-Dubai Conference organized by Calcalist, Bank Leumi, and Reshet 13.

The panel, hosted by Calcalist's Sophie Shulman, included Vikram Shroff, the director of the global division of the agritech giant UPL; Sheikha Abdulla Al Nuaimi, Operations Executive Director of Ajman Free Trade Zone; Arshi Ayub Mohamed Zaveri, CEO of TrustWithTrade Group and a senior advisor to the Royal Family in the UAE; and Meir Linzen, Managing Partner at Israel's biggest law firm Herzog Fox & Neeman (HFN).

"From day one we had a high demand from investors who would like to come and open a business in the UAE and we already signed an agreement with an organization in Israel to represent Ajman Free Trade Zone in Israel," said Sheikha Abdulla Al Nuaimi. "I think Israeli companies will be part of the growth of certain sectors in the UAE. We have more than 400 companies in the Ajman Free Trade Zone that are focused on advanced technology and I see Israeli companies being part of this growth due to their innovation."

"I don't see too many obstacles going forward," noted Shroff. "There are a lot of similarities in the culture of the people from both countries. Both countries also need each other. I just see opportunities, especially in agriculture and fintech. A lot of people in the UAE are immigrants so they all want to do something and want to be businessmen. Similarly in Israel, we know everybody has ideas and the country is first in the world in creating new companies."