Trade between Israel and the United Arab Emirates reached $1.4 billion in the first seven months of 2022, Israel’s Ambassador to the UAE Amir Hayek said Thursday.
In a Twitter post, Hayek noted that the total represents a significant increase over last year, with $1.2 billion in trade for all of 2021.
This September will mark two years since the signing of the US-brokered Abraham Accords that normalized relations between the two countries. Bahrain, Morocco, and Sudan also joined the historic pact.
Overall trade between Israel and Arab states has increased under the Abraham Accords, according to the Abraham Accords Peace Institute, including with Jordan and Egypt – two countries that already have diplomatic ties with the Jewish state.
According to the institute’s June newsletter, trade with Jordan increased by 54 percent from last year amounting to $55 million, followed by Egypt with a 41-percent increase and $23.6 million.Trade between Israel and the UAE reached $201.4 million in May 2022, a 130 percent increase compared to May 2021. Morocco reached $3.1 million in trade deals with the Jewish state in May, marking a 94-percent increase from 2021. Meanwhile, Israel’s trade with Bahrain went from none to $1.2 million within a year.
Israel earlier this month reopened its economic office in Istanbul after three years of closure amid warming ties with Turkey. On Wednesday, Israel and Turkey announced the full normalization of their relations.