November Special Edition 2021

6 East-wide block of parties aspiring to peace and prosperity, to tackle the challenges we all face here with regards to food, water, agriculture, climate change and so on.” The number of Israeli companies operating in the UAE is expected to grow 100% by 2022, fellow co-founder of UIBC, Dorian Barak told Emirates News Agency (WAM). "With bilateral trade expected to exceed USD 1 billion in 2021, USD 3 billion in three years, and over 500 Israeli companies [currently] importing, exporting and operating in the UAE, we expect over 1000 Israeli companies to be active in the UAE by this time next year." Indeed, over the past year, Israeli companies have begun to recognize the potential offered by the UAE’s economic ecosystem and are heading there in increasing numbers. “The desire for collaboration has been phenomenal but these are still early days – this is just the beginning and the future business opportunities are huge,” adde d Jonny Morris, Head of Israel Desks at global law firm BCLP. “I think there was always going to be a gap between the signing of the accords and actual deals happening as it takes time for companies in different countries to find and understand the opportunities. There are still lots of conversations going on about potential deals and I think the test of the success of the accords from a business perspective will be over the next 12-24 months,” sai d Mark Phillips , p artner and co-head of the Project Finance department at Herzog Fox & Neeman (“Herzog”). “We have seen a great deal of interest by UAE investors in the economic climate in Israel and the tech scene. Client seminars have been well attended and meetings that we have held with clients and potential clients revealed a deep curiosity and optimism for collaboration on the part of UAE companies,” Number of Israeli companies operating in the UAE is expected to grow 100% by 2022 Great deal of interest by UAE investors in the economic climate in Israel and the tech scene