According to the UAE-Israel Business Council, the leading group bringing together more than 6,000 Emirati and Israel businesspeople, bilateral trade in goods and services between the United Arab Emirates and Israel will reach $2 billion in 2022, an increase of over 50% from 2021.
The group further predictions for 2022 that key sectors will include tourism, agriculture, diamonds, renewables projects in solar and water, oil and gas, investments in Israeli technology companies, establishment of Israeli-owned businesses in Abu Dhabi and Dubai, consumer goods, and professional services.
It also predicted that in 2022, UAE-Israel tourism will grow by 25%, including 25,000 UAE nationals visiting Israel, a meaningful increase over the 200,000 visits since the Abraham Accords were signed.
In addition, over 500 Israeli companies will have business dealings in the UAE, including 250 with a permanent presence, representative office, or collaboration agreement with a UAE partner.
According to the Council, aerospace and defense cooperation are expected to increase, with all of Israel's major players in the sector selling to or establishing joint ventures in the UAE, including IAI, Rafael, Elbit, and many medium and small sized companies.
UAE sovereign investment and development companies such as Mubadala and ADQ will invest in joint ventures with leading Israeli industrial, logistics, transportation, defense, and manufacturing companies, with investments to exceed $1 billion in 2022.
Trade between Israel and other Abraham Accords countries, including Egypt and Jordan, will also grow to as much as $1 billion, an increase of 30% over 2021 figures and 100% over 2020, the Council said.