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UAE trade with Israel passes $500m mark

Israeli Foreign Minister Yair Lapid at the opening ceremony of the Israeli embassy in UAE, 30 June 2021 [IsraelMFA/Twitter]
Israeli Foreign Minister Yair Lapid at the opening ceremony of the Israeli embassy in UAE, 30 June 2021 [yairlapid/Twitter]

Trade between the UAE and Israel amounted to $523.2 million in the first half of 2021, the Federation of Israeli Chambers of Commerce (FICC) revealed on Sunday. In 2020, trade volume was $188.9 million, an increase of around 177 per cent.

Excluding diamonds, the FICC said, trade between the two countries totaled $229 million between January and June this year, up 143 per cent from $94.2 million in the whole of 2020.

An estimated 200,000 Israelis have visited the UAE since the normalisation of ties under last year's Abraham Accords. Around 40 Israeli companies have been established in UAE free-trade zones. The normalisation deal was signed on 15 September 2020 in a ceremony at the White House.

READ: Sharp rise for Israel in trade with Arab countries since normalisation

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