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UAE eyes economic ties with Israel by $1 trillion over 10 years: minister

Economy Minister Abdulla Bin Touq said Monday that the United Arab Emirates (UAE) is seeking to grow economic ties with Israel to more than $1 trillion over the next decade.

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UAE eyes economic ties with Israel by $1 trillion over 10 years: minister
UAE eyes economic ties with Israel by $1 trillion over 10 years: minister

The statement came only after the completion of a year-old diplomatic relations between the two countries that have already produced billions of dollars worth of business.

The UAE has already signed over 60 memorandums of understanding (MoU) with Israel since normalizing relations in 2020 and is expecting an “influx” of trade in the next two years, Bin Touq told a virtual conference from the U.S., where he is leading a high-level business delegation. The UAE was looking at sectors including defense, energy and food security.

“We have $600 to $700 million dollars of bilateral trade happening, we have funds of billions of dollars that have been announced jointly between the two countries, we are moving into so many areas of economic opportunities,” he said. “We are looking to create over $1 trillion dollars of economic activity over the next decade.”

Those deals include Mubadala Investment Co.’s $1 billion purchase of Tel Aviv-listed Delek’s stake in an Israeli gas field, which was concluded this month.

The so-called Abraham Accords were an historic breakthrough, hailed by leaders including then-U.S. President Donald Trump as a step toward forging peace in the Middle East. The UAE was the first Arab nation after Egypt and Jordan to formally recognize Israel.

The Israeli government said at the time that the deal would lead to billions of dollars of investment. Bahrain, Morocco and Sudan have also recognized Israel following intense diplomacy from the U.S.

That outreach has been labeled a betrayal by Palestinians and caused some embarrassment during this year’s 11-day war in Gaza but did not derail efforts to build diplomatic and economic relations.

The UAE announced earlier this month plans to deepen its trade ties in fast-growing economies in Asia and Africa, and draw $150 billion in foreign investment as it faces growing competition from regional heavyweight Saudi Arabia.

SOURCE: BLOOMBERG

Faisal Ali Ghumman is a senior editor at GNN, known for writing top quality content which garner very high readerships and has been covering every field of journalism, including politics, media, sports and scholarly articles. Faisal Ali Ghumman is nothing less than a Veteran Editor and has been writing for GNN for the past 3 months.

Regional

New island emerges near Balochistan’s Kund Malir beach

A new island have popped up near Sonmiani beach of Balochistan— discovered by the fishermen sailing along the coast on Thursday.

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New island emerges near Balochistan’s Kund Malir beach

The technical advisor on marine fisheries at World Wild Fund (WWF), Muhammad Moazzam Khan said that the new island appeared in west off the coast of Sonmiani near Kund Malir.

“Such phenomena occurs due to geographical changes within the ocean depths,” he said adding that these kind of small islands emerge, remain in place for a while and then diminish back into the waters.

It is pertinent mention here that such Islands had earlier emerged at the same location in 2000 and 2010.

The first known emergence, during November 1945, was concurrent with an earthquake of magnitude 8.0.

The 2nd and 3rd emergences were in March 1999 and November 2010 respectively.

In 2013, an island emerged off Gwadar coast after a powerful 7.7 magnitude earthquake struck Pakistan. However, the island disappeared after some time.

Landsat images of March 1999 and November 2010 emergences indicate appearance of round-shaped island of 4.4 and 5.2 hectare area, followed by erosion and disappearance. The island was composed of mud breccias and circular vents spewing mud slurry and methane gas.

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Pakistan

'COVID fourth wave': Pakistan reports 3,689 cases, 83 deaths

Islamabad: Pakistan is presently experiencing the fourth wave of coronavirus which is said to be deadlier and more contagious than previous three COVID waves.

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'COVID fourth wave': Pakistan reports 3,689 cases, 83 deaths

According to National Command and Operations Center (NCOC), around 3,689 cases of coronavirus were reported while 83 people succumbed to the disease in the last 24 hours, taking the total death toll to 26,580.

The total number of cases has reached 1,197,887.

As many as 1,079,867 patients have recovered from the disease with 5,383 critical cases.

Punjab                

The number of patients swelled to 410,463 in the province with 12,171 causalities.

Sindh

The number of infections has surged to 442,401 in the province, while the death toll has reached 7,089.

Khyber Pakhtunkhwa

The confirmed cases have surged to 167,154 in the province with 5,200 casualties.

Balochistan

There are 32,517 confirmed cases while 342 patients have died from the infection so far.

AJK and Gilgit-Baltistan

There are 33,131 coronavirus cases in the AJK while the death toll has reached 715. On the other hand, there are 10,127 cases in GB with 179 coronavirus deaths.

Islamabad

There are 102,094 cases in the capital city while 884 people have lost their lives.

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Pakistan

83 more succumb to COVID-19 in Pakistan

Islamabad: Pakistan is presently experiencing the fourth wave of coronavirus which is said to be deadlier and more contagious than previous three COVID waves.

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83 more succumb to COVID-19 in Pakistan

According to National Command and Operations Center (NCOC), around 3,902 cases of coronavirus were reported while 83 people succumbed to the disease in the last 24 hours, taking the total death toll to 26,413.

The total number of cases has reached 1,190,136.

As many as 1,071,976 patients have recovered from the disease with 5,389 critical cases.

Punjab                  

The number of patients swelled to 406,960 in the province with 12,118 causalities.

Sindh

The number of infections has surged to 440,164 in the province, while the death toll has reached 7,030.

Khyber Pakhtunkhwa

The confirmed cases have surged to 165,980 in the province with 5,155 casualties.

Balochistan

There are 32,456 confirmed cases while 342 patients have died from the infection so far.

AJK and Gilgit-Baltistan

There are 32,942 coronavirus cases in the AJK while the death toll has reached 712. On the other hand, there are 10,084 cases in GB with 179 coronavirus deaths.

Islamabad

There are 101,550 cases in the capital city while 877 people have lost their lives.

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