The US-brokered Abraham Accords, signed in August 2020, normalised relations between Israel and the UAE, in turn opening up a brand-new market for Israeli businesspeople.
Since normalisation, 130,000 Israelis have visited the United Arab Emirates, creating a spike in interest in the country’s real estate market.
DUBAI THE PREFERRED DESTINATION
Dubai is seen as a particularly favourable destination since the beginning of the Covid-19 pandemic.
The exodus of foreign expatriates has created a surplus of new builds. Property prices have been driven down as a result.
Dubai has become an attractive investment prospect for Israel buyers. Israeli investors are therefore flocking to the emirate to take advantage of the lull, expecting high yields when international tourists and workers return post-pandemic.
Such is the demand for Dubai properties, that major real estate firms are actively hiring Hebrew speakers.
The new economic relationship between Israel and the UAE has also manifested itself in new cooperation agreements on agri-technology, Covid-19, and weapons development. The UAE has also established a USD10 billion investment fund directed at Israel.
Israel predicts bilateral trade could reach USD6.5 billion over the next few years, which would make it one of the UAE’s biggest trading partners.
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