November Special Edition 2021

12 Both sides were excited to have the chance to meet and speak directly Pace of negotiation is much slower than the one we experience in Israel; takes time for things to cook trade, clearing services, foreign exchange, securities trade and other critical components to create business between the two countries. The past March, Bahrain signed a USD 3 million agreement with Israel’s Mekorot to share water knowledge and technologies, including desalination facilities, automated control systems for water facilities and technological upgrades. The agreement includes consulting by Mekorot for Bahrain's Electricity and Water Authority (EWA) regarding water projects in Bahrain. Bahrain and Israel have already announced a medical cooperation initiative between Salmaniya Medical Complex and Sheba Medical Center, which includes exchange programs. Whether Israeli, Emirati or Bahraini or other, there are cultural differences, but as Phillips of Herzog points out: “the business is what's important. Clients from both sides are used to dealing with people from other countries and there is often an international law firm involved as well so they act as a bridge. Having said all of that, the first time we got on a zoom call with clients and counterparts from law firms in the UAE was a pretty big deal – I think both sides were excited to have the chance to meet and speak directly.” Shibolet’s Sprecher adds: “The business practice in the UAE is very different from the one in Israel: there are various cultural differences, and one must absolutely respect them. Furthermore, the pace of negotiation is much slower than the one we experience in Israel, which sometimes causes frustration among Israeli businessmen and women. It is extremely important for the Israeli parties to understand the Emirati business climate and adapt to this new environment.”