Volume of trade stands at 6.217k tonnes, according to Dubai Customs statistics. Of this, imports were valued at Dhs325m (718 tonnes), exports at Dhs607m (5.4k tonnes), and transit trade at Dhs98.7m (52.4 tonnes). Volume of Dubai’s seaborne trade with Israel amounted to 5.7k tonnes (Dhs82.8m), while airborne trade reached 423 kg (Dhs948.6m). Dubai’s main imports from Israel include vegetables and fruits, diamonds, flat screens, high-tech devices, and medical and mechanical devices, while its chief exports include diamonds, smartphones, engine spare parts, perfumes and lubricants. DP World and Customs Free Zone Corporation, expects trade to grow to Dhs15bn in the next few years, and generate over 15,000 jobs. DP World signed an agreement with Israel’s Leumi Bank in September to facilitate trade and logistics services between the two sides.
It will also allow the possibility for Drydocks World-Dubai to develop the Israeli dry docks and handle refurbishment projects. Israel has expressed its interest in leveraging Jebel Ali Port as a re-export hub for Israeli products to enable it to easily access neighboring fast-growing markets such as India, Pakistan, Bangladesh and Sri Lanka. In other key agreements over the last few months, the Dubai Airport Free Zone Authority (DAFZA) signed an MoU with the Federation Israeli Chambers of Commerce (FICC) to define frameworks for bilateral cooperation between the two entities and to encourage Israeli companies to establish their businesses within the emirate. Dubai’s Emirates NBD bank signed key agreements with Israel’s Bank Hapoalim and Bank Leumi Le-Israel too last year.