Fogel (left) and Bin Sulayem signing the MoUs

Fogel (left) and Bin Sulayem signing the MoUs

DP World signs MoUs on trade links with Israel

News – Regional

October 2020

DP World, a leading global provider of smart end-to-end logistics solutions, and Dubai Customs will explore opportunities to develop trade links between Israel and the UAE, following the signing of a series of memorandums of understanding (MoUs).

Group Chairman and CEO of DP World, Sultan Ahmed bin Sulayem, signed MoUs with DoverTower, a company owned by Shlomi Fogel, the co-owner of Israel Shipyards and Port of Eilat. It was also revealed that DP World and Israel Shipyards will establish a joint venture that will participate in the tender for privatisation of the Port of Haifa.

Part of the engagement between the two countries to strengthen peace, dialogue and stability and promote sustainable development, the MoUs create a framework for the companies to work together in assessing opportunities to develop infrastructure for trade between Israel and the UAE, as well as within Israel and the region.

The MoUs cover three broad areas of cooperation: DP World will assess the development of Israeli ports and free zones and the potential establishment of a direct shipping route between Eilat and Jebel Ali; Dubai Customs will promote and facilitate trade between private entities in the two countries through customs best practice and seamless, innovative processes; and Drydocks World will explore business opportunities with Israel Shipyards on a joint venture for developing, manufacturing and marketing ISL products.

Bin Sulayem said: “The MoUs will contribute to the efforts to tap economic and trade cooperation opportunities, and facilitate development-oriented linkages between the two countries. DP World's mission is to enable global trade – 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.”

Fogel said: “This is a great honour to work and collaborate with HE Sultan bin Sulayem, Chairman and CEO of DP World. I'm proud of our mutual friendship and vision to create a strategic partnership that will impact the global trade and economy while strengthening the commercial relationship between the state of Israel and the UAE.”

Meanhwil, in a latest move, DP World and Bank Leumi, Israel's oldest banking corporation and one of the leading institutions in the region, signed a MOU to work together to enhance trade and logistics in Israel and promote the flow of trade between Israel and the wider region.

The MoU includes a framework for collaboration which will enable the parties to explore potential opportunities including the development of ports and logistics assets in Israel to drive trade and greater job creation; trade finance solutions; and digital solutions in end-to-end logistics, said a statement.  

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