The complex history of the MENA region spans many centuries, fostering both progress and conflict, as well as entrenching lasting political stalemates.  But the shifting sands of geo-political upheaval have forced new perspectives and the consideration of new, previously unimaginable, alliances. In August 2020, once such alliance was announced, the Abraham Accords Peace Agreement: ‘Treaty of Peace, Diplomatic Relations and Full Normalization Between the United Arab Emirates and the State of Israel’.  Signaling a landmark milestone in Middle East relations, this unprecedented step will undoubtedly have a significant impact on the region as a whole in years to come. As well as its diplomatic and historical effects, normalized relations between these two nations will generate incredibly economic and cultural opportunities – which could be ground-breaking for individuals, families and companies interested in cross-border trade, mobility and investment.

The Agreement

Unsurprisingly for such a nuanced accord, its initial remit offers a template for future deals.  Negotiations will now be held and arrangements made across a variety of areas including investment, tourism, technology, healthcare, the environment, energy and reciprocal embassies. The main intent is to connect two of the Middle East’s most dynamic societies in a way that “will transform the region by spurring economic growth, enhancing technological innovation, and forging closer people-to-people relations”. While both nations have presented the détente, and some of its details, in slightly different ways, they both appear committed to the concept that the region and world is best served by cooperation and that by increasing economic and societal integration, greater security will be sustained.

Exciting Opportunities

In a year of immense struggle, this development definitely provides a sliver of light. Productive relations between Israel and the UAE will led to the start of new trade, service and tourism links, all of which will aid in both nations’ economic growth. It is also expected that students will be able to study in each country and with around 20 or 30 flights a week projected to begin before the end of the year, travel between Israel and the UAE will be highly accessible.

But one of the outcomes with the greatest potential is the human capital aspect. Lucy Chow, an executive at the World Business Angels Investors Forum shared how excited she was about this element and one of the reasons why, “sometimes here we find it difficult to find tech developers and there’s no shortage in expertise in Israel”. Entrepreneurs, VCs and SMEs are likely to be emboldened by the idea of combining the strengths of both populations and the chance to access unique talents, wherever they may be located. Facilitating mobility of individuals, freelancers, assignees and organisations will be crucial in building and sustaining economic prosperity between the two countries.

How EER Can Help

Having working across the GCC and MENA region for many years, EER has many connections in Israel, with counterparts, suppliers and partners alike. In tandem with our local and international expertise, this enables us to offer clients in Israel access to our range of services to help them grow their business in the UAE. Our corporate services team can assist with navigating the requirements for start-ups, SMEs or establishment of regional offices. Our immigration and visa services team will be able to guide you on which options would suit your specific situation, collating the right documentation and support for those wishing to utilize the new remote working visa, which is expected to be hugely in-demand. Our relocation team are excellently positioned to offer advice to companies and assignees looking to make a move. Overall, the entire EER is also acutely conscious of the importance of cultural awareness. Without relevant support on the cultural nuances between the two nations, costly mistakes could occur. With our expert cultural awareness training, EER will ensure that every client is provided with the necessary knowledge when it comes to UAE relocation, immigration or corporate services.

If you would like to talk to one of our expert consultants about any of our services and potential opportunities between Israel and the UAE, please get in touch with us on info@eerme.com or +971 4 4211819.