Where will change occur following the Israel-UAE normalisation agreement?
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n 15 September 2020 representatives of both Israel and the United Arab Emirates (UAE) completed the signing of the Abraham Accords which was witnessed and brokered by the President of the United States, Donald Trump. The signing of these accords completed by Prime Minister Netanyahu and the Minister of Foreign Affairs Sheikh Abdullah, is a critical milestone towards bringing peace and developing healthy international relations throughout the Middle East. In this article, I will outline the major areas where significant change will occur and the potential
Oliver effect it may have on both the people and businesses of Israel, the UAE and the Middle East. Upon further reading into the Abraham Accords, Article 5 outlines how ‘Cooperation and Agreement in Other Spheres’ could be achieved. The article briefly explains that a vital part of demonstrating peace and cooperation must begin with the opening of international borders for trade, tourism, and various other industries with reference to encouraging ‘investment relations’ as well as ‘advance regional economic development’. Finance,
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investment and business is one particular area in which both Israel and the UAE excel. Much of the UAE’s economic success lies in the exportations of oil, petroleum and natural gas whilst Israel’s major strength is research and development earning the nickname ‘The Startup Nation’. Following the agreement, both economies can now benefit by purchasing each other’s resources and services. In 2017, ‘Israel’s oil consumption was 247,000 barrels per day’ and now following the normalisation the UAE has gained a new customer for oil and petroleum exports. On the other hand, the UAE is home
