Saturday, Jul 31, 2021
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DP World mulls linking Europe and ME via Israel

DP World Israel_IFM_Image
Initial trade volume between Israel and the UAE could reach $5 bn

Dubai-based port operator DP World is planning to link the ports in Europe to those in the Middle East through Israel, according to its chairman Sultan Ahmed bin Sulayem. Initial trade volume between Israel and the UAE is expected to reach around $5 billion. Recently, the UAE and Israel signed a historic deal to ease tension between the two nation and facilitate trade.

DP World submitted a joint bid along with Israel Shipyard Industries to privatise Israel’s Haifa Port. Both parties signed an agreement for exclusive cooperation in the privatisation of the port. This is one of the biggest deals to happen after both Israel and the UAE agreed to normalise terms in September earlier this year.

DP World signed a memorandum of understanding (MoU) with Israel’s DoverTower- co-owner of Israel Shipyards, with regard to the privatisation of Haifa Port in September.

In this regard, DP World Chairman Sultan Ahmed bin Sulayem earlier told the media, “Israel has two ports, the port of Ashdod and the port of Haifa. They are strong ports in excellent locations. If there is an opportunity, there is nothing to prevent us from having a presence there.”

“Our work to build trade routes between the UAE, Israel and beyond will help our customers to do business in the region more easily and efficiently,” he added.

DP World also signed a Memorandum of Understanding (MoU) with Bank Leumi to enhance trade and logistics in Israel. Under the terms of the deal, both parties will promote trade between Israel and the wider Arab region. They will also access opportunities to develop ports or logistics assets in Israel.

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