When the UAE and the apartheid state signed the Abraham Accords for the normalisation of relations in September 2020, the diamond trade between Dubai and Israel has soared from zero to $1.75 billion in just two years.
Although diamonds were sold through intermediaries, neither nation traded with the other prior to the agreement. According to the Dubai Multi-Commodities Centre (DMCC), the expansion of trade shows that the two countries’ relations have improved.
Dubai Diamond Exchange (DDE) launched a location in Ramat Gan the same year as Israel Diamond Exchange opened an office there.
Israeli businesses have significantly increased their investments in the free zone over the past two years, according to Ahmed Bin Sulayem, executive chairman and CEO of DMCC. As the links between the two countries deepen, he also expects a rise in Israeli businesses in the UAE.
Israel, the United Arab Emirates, and Bahrain signed the Abraham Accords on September 15, 2020, with US mediation. By restoring normal diplomatic, economic, and cultural contacts between Israel and the two Arab nations, the accord ushers in a significant change in the Middle East.
In a number of areas, including trade, tourism, technology, and security, both nations decided to strengthen their ties with Israel.