The annual trade volume between Israel and the United Arab Emirates is expected to reach $4 billion, a senior Israeli official said on the 7th.
"In three to five years, the trade volume between Israel and the United Arab Emirates will reach US $4 billion," Israeli intelligence minister Eli Cohen told an Israeli radio reporter on the 7th
Cohen was a former Minister of economy and industry. His spokesman explained that the data were annual and included the defense sector.
Under the mediation of the United States, Israel and the United Arab Emirates announced on August 13 that they agreed to fully normalize their relations. The UAE then issued a decree to abolish economic measures against Israel. Israeli and UAE officials expect the two countries to cooperate in defense, energy, health care, tourism, science and technology and financial investment.
Israel Airlines launched its first commercial direct flight from Israel to the United Arab Emirates on August 31. Israel's other airline operator, Israel air, said on the 6th that the company has scheduled the departure and landing time of commercial flights from Tel Aviv to the United Arab Emirates.
The two largest banks in Israel, habolim bank and lomei bank, intend to send a delegation to the United Arab Emirates in September to discuss further cooperation in economic, trade and financial fields.
A source who did not want to disclose his name and nationality told Reuters on the 7th that the UAE delegation intends to officially visit Israel for the first time on September 22 to strengthen the comprehensive normalization of bilateral relations.