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UAE shipping chief says initial trade with Israel could be worth over $5 billion

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Initial bilateral trade between Israel and the United Arab Emirates could be worth $5 billion, an Emirati shipping leader said Monday at an event with Israeli businesspeople in Dubai.

Ports in Israel will be valuable as a link for shipping between the Middle East and Europe, said Sultan Ahmed bin Sulayem, chairman of DP World, one of the largest international port operators. The firm is in talks to jointly take over Haifa port with an Israeli company and has inked a deal with one of Israel’s leading banks.

“We estimate at least $5 billion of trade will happen between our countries in the beginning and this will grow,” bin Sulayem said at the inaugural UAE-Israel Future Digital Technology Summit, part of this week’s Gitex technology conference in Dubai.

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“The port facilities [in Israel] will allow us to link our ports in Europe to the Middle East,” he said.

The Abraham Accords, signed by Israel, the UAE and Bahrain on September 15, normalized relations between the countries, opening up commercial ties. DP World’s chairman and CEO Sultan Ahmed bin Sulayem at a presentation in Dubai, United Arab Emirates, April 29, 2018. (AP Photo/Kamran Jebreili)

The state-owned DP World, based in Dubai, operates the........

© The Times of Israel

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