Israel-United Arab Emirates business relations begin to flourish
It seems that not a day goes by without reading reports on Dubai and its fellow UAE members
By NIR KIPNISSUpdated: DECEMBER 13, 2020 20:35DR. AHMAD Belhoul Alfalasi (from right), UAE minister of state for entrepreneurship & SMEs; Ruben Krupik, chairman of Bank Hapoalim; David Leffler, director-general of the Economy Ministry; Dov Kotler, Bank Hapoalim CEO and Adiv Baruch, chairman of the Israel Export Institute at the opening of the U(photo credit: SIVAN FARAG)
DUBAI – The United Arab Emirates, with an emphasis on Dubai and Abu Dhabi, has become, it seems, the holy grail of Israeli industry: from hi-tech entrepreneurs with big dreams to owners of football teams with big debts; from fintech and agriculture businesspeople to Mediterranean singing stars.It seems that not a day goes by without reading reports on Dubai and its fellow UAE members, but, believe it or not, the first official business delegation to visit here occurred at an important technology conference with exhibitors from around the world, including Iran. (We are politely warned not to walk around their booth too much. A meeting between Israelis and Iranians, although not uncommon at professional conferences, is a source of trouble for the hosts). The delegation was organized by the Bank Hapoalim and the Israel Export Institute, and there are also representatives from the Economy Ministry, the Manufacturers Association of Israel, the President’s Residence, the Peres Center for Peace, including Chemi Peres, the son of the late president and founder of Pitango, who looks really excited when the hosts warmly mention his father. There are quite a few businessmen here at various levels, from young hitchhikers to CEOs of giant companies – and of course there is also Bank Hapoalim, with Reuven Krupik, chairman of the bank, and Dov Kotler, the CEO.Its executives talk about the desire to be part of the action and support businesses that want to take their first steps with the Emirates. Krupik talks about the fact that businesses with the bank’s support get approval in the eyes of locals. Later, together with Kotler, he will present the Israeli national basketball team jersey – which Hapoalim sponsors –to the innovation minister of the Emirati economy ministry, who is known as a sports fan.The staff of the export institute, headed by the chairman Adiv Baruch, also seem enthusiastic and help representatives schedule meetings with colleagues abroad. They emphasize the tremendous change that the agreements have brought with them. It is true that economic relations between Israel and the Emirates have existed for several years, it’s just that, legally and officially, business with Israel was forbidden here until the Abraham Accords.And there are other reasons for this event occurring now: the desire of the largest bank in Israel to be portrayed as familiar with the local know-how, a bridge to the Emirates that every young Israeli entrepreneur would dream of crossing. And of course, there is also the circumstantial matter: a huge technology conference like GITEX, held at the local convention center, is one of the few conferences produced and held this year. Safety measures such as masks and social distancing were carefully maintained, the floor was marked at every step, devices with hand sanitizer stood at every corner and there were masks in whatever color and size you choose. Unfortunately, this is also reflected in the number of visitors. Few came from Europe and almost no Americans are seen on the ground. Under these conditions, Israel seems like a real power, with Hebrew heard everywhere and stirring local curiosity. It’s not terrible, I think to myself, even if I’m currently here as a statistician who came to fill a half-empty conference. It’s enough. The relatively sparse occupancy does not indicate a sparsity in content: already at the opening, Bank Hapoalim, Microsoft and TCS are launching a blockchain-based digital guarantee network service, an event marked by a festive cocktail party at the foot of the famous Burj Khalifa. Sounds like Chinese – or rather – like Arabic in the Emirati dialect?In general, the whole issue of finance, especially as far as fintech is concerned, is a gold mine for businessmen in the field in Israel: only about 12% of the Emirates’ residents are citizens, the rest are foreign workers with varying degrees of temporary residency.And not just finance, but health as well: Prof. Zeev Rotstein, CEO of Hadassah-University Medical Center, explained in the opening panel that, with all due respect to the vaccines, they would not have come into being if not for many years of genome research.What else interests the local business aristocracy? Agriculture, with an emphasis on desert agriculture. Agriculture means independence – and the visit here reinforces the impression that local agriculture is the cornerstone of independence.Do not say ‘Fauda’There is quite a bit of Israeli media here, quite a few entrepreneurs from fields such as fintech, but also information security, medical technologies and more – and there are also some larger ones, such as Bezeq’s group of companies represented here by Ran Goron, CEO of Pelephone, Bezeq International and Yes satellite TV, with Deputy CEO Dganit Kramer alongside him. The main hat they wear here right now is less of the veteran cellular operator and more of Bezeq International.Goron talks about mutual learning, even about joint ventures, and when I ask him to go into details, he talks about common needs in the field of communication. The fact that Israel – especially his company, which owns an underwater cable to Europe and beyond – is looking for a media infrastructure that will take it east toward Singapore and Hong Kong, for example, while the Emirates are looking west toward Europe, is an excellent basis for cooperation. Until such deals are signed, he can talk about the establishment of a joint laboratory team for innovation – a word repeated over and over again here.What do you think of the local business mentality, I ask, and Goron replies: “They are very polite, but also very purposeful. Very quickly after all the greetings they move on to practical details.” In my opinion at least, this is an approach that is very fitting for Israelis, after all, even from a distance, we are all from the Middle East.Even in content, Goron thinks that Bezeq (through Yes) has something to sell: “Good content is good content,” he says. “It’s true that I have not yet dared to offer Fauda out loud, because I need to be sure that no one is offended, but the content market is definitely interesting as well.” The intentions are good, of course, but judging by the publications in Israel in recent days, the Emirates are going to be the first to meet fans of the Buzaglos, another series by Yes, at parties that are planned here for January 2021, if the Health Ministry does not stop the party.
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