November Special Edition 2021

8 GC7 is a new organization that will help all GCC countries to make fast development to meet the latest energy crisis, help them make good relations with Israel, while Israel can help GCC countries to make quick progress in dozens of areas of R&D– such as agriculture,water, and power. As for the UAE, there are more than 35 free-trade zones offering tax benefits, world-class technology infrastructure, and shipping and trade systems designed to make business as simple as possible. The deals have been flowing across many sectors. David Sprecher, partner at Israeli law firm, Shibolet, added: “Having been active in the various Gulf Cooperation Council for the last 26 years with an active presence in Dubai, I can certainly say that the last year served as a catalyzer for boosting transactions in the region. Most of the transactions have occurred in the Emirate of Dubai, although we have recently started exploring other paths in the Emirate of Ras Al Khaimah. The clients the firm has taken care of this year are active in the following sectors: aerospace maintenance, travel industry technologies, energy-saving modules, water tech, healthcare, cosmetics and Emirati airlines serving Israel.” Morris of BCLP, said: “We have seen a variety of work including assisting companies with setting up their operations in the UAE, commercial contracts and joint ventures. The primary focus for us so far has been around technology. We expect this to develop into other areas including energy, real estate, foodtech and water.” “We’ve also seen some real traction in the defense, software and hi- tech sectors. A number of companies have commenced the process of opening branches, hiring employees and transacting locally. The hype with all the visits and conferences raised awareness. But the deals are getting done at a different level by the companies who have been fostering relationships, have visited frequently, and have been developing trust with new business partners,” pointed out Jeremy Lustman, partner and Head of Israel Desks at DLA. “We have seen companies from the UAE taking an active interest in the oil and gas space which is perhaps not surprising and one significant deal has already Momentum in the traditional and renewable energy sectors