The Abraham Accords at Two:
Spotlighting Local, Regional and
International Economic Potential

The Abraham Accords signed between Israel and the United Arab Emirates (UAE), Bahrain, Sudan and Morocco in the second half of 2020 generated momentum for Arab-Israeli economic cooperation and integration. Building on the signatories’ pre-existing networks and economic potential, the Accords are spawning partnerships on a global level including in the rapidly emerging markets in Asia and Africa. Such synergies are expected to multiply as post-pandemic recovery, the economic impacts of Russia’s war on Ukraine and other grand challenges clearly require collective action. Enhancing economic cooperation and reducing regulatory barriers among the Accords’ signatories will spur economic growth that could, according to some estimates, rise to ‘$315 billion and a corresponding increase in GDP for the members ranging from 12-26% over ten years,’[i] with the potential of spill-over economic benefits for other countries in the Middle East and North Africa (MENA).

 

Since the signing of the Accords, significant progress has been made as the individual bilateral relations between Bahrain, Morocco, UAE and Israel have navigated their own course. The UAE-Israel dynamic is the most active, with hundreds of memoranda of understanding (MOUs), numerous joint ventures and projects, large investments — such as the $1 billion dollar Emirati stake in Israeli Tamar gas field in the East Mediterranean[ii] — and an exponential increase in trade and people exchanges. The UAE is the region’s second largest economy, profiting from its significant oil and gas reserves, a major transportation and logistics hub on the crossroads between Europe, Africa and Asia, with a major interest in expanding its trade network and an appetite for high-tech acquisition, fostering local technology and innovation capabilities to boost its competitiveness as it seeks to double the size of its economy to $816 billion by 2030.[iii] The UAE, Israel, Belgium, China and India form the world’s five largest trading hubs for rough diamonds and the precious stones made up a significant portion of UAE-Israel bilateral trade.[iv] Over 2021, UAE-Israel commercial exchange reached $1 billion, which is set to further grow in 2022 and within five years, officials expect UAE-Israel trade to increase to $10 billion.[v] By 2031, the UAE expects the total value of economic activity with Israel to spike to more than $1 trillion.[vi] This rapid progress was facilitated by a robust framework to remove barriers to business and economic relations through investment promotion and double taxation avoidance agreements and, most importantly, the free trade agreement signed in May 2022 — Israel’s first such agreement with an Arab state — which will remove tariffs on most goods and encourage a further strengthening of relations.[vii]

 

The table below illustrates the bilateral trade value between Israel and its five MENA partners since the signing of the Abraham Accords:

 

 

 

 

 

 

 

 

 

 

 

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Source: UN Comtrade 2020, 2021, own calculations; expectations come from statements to the media by government officials [1, 2, 3].[viii]

 

While the UAE adopted a strategy that prioritises trade and investment and has achieved a lot in a short time, Israel’s relations to Morocco — which is tied to Israel by the Jewish Moroccan community and a past trade relationship, and Bahrain (which before the Accords  did not maintain any real relationship to Israel) have been gaining momentum after an initial focus on security and identifying shared interests. 2022 has seen a intensified business and trade contacts and the post-COVID energy is helping garnish more exchanges.

 

Morocco signed its first economic and trade cooperation agreement with Israel in March 2022. Bilateral Israeli-Moroccan trade increased in the first five months of 2022 and officials target $US500 million trade by 2027.[ix] Rabat already has a free trade agreement with the UAE and is eyeing a trilateral free trade agreement with Israel and the UAE. Morocco’s strategic location offers a gateway to Europe and Africa, a region of increasing importance, and the country will play an important role in the global energy transition, emerging among the Arab world leaders in solar and wind capacity potential and source of economically feasible green hydrogen by 2050, provided it addresses water scarcity—an opportunity for Israeli technological expertise.[x] Israeli businesses are looking to leverage the other Abraham Accords signatories’ networks in Asia and Africa. Israel was also readmitted as an observer in the African Union in 2021, joining the UAE and Turkey and further expanding their pool of potential cooperation.[xi]

 

Comparatively, Bahrain’s economy is smaller than the UAE’s and Moroccos in terms of GDP and size (both territorial and population). It balances its size by focusing economic diversification in terms of developing a digital economy, profiling itself as an important financial centre, particularly in relation to FinTech, and tourism due to its openness, which are sectors that could attract Israeli interest. Bahrain-Israel trade stood at $7.3 million in 2021.[xii] Bahrain is also among the most significant global aluminium producers and began exporting this staple to Israel in early 2022. The slower pace is due to Bahrain and Israel have been slowly getting to know each other, learning the differences in their markets and their ways of conducting business. Additionally, the Abraham Accords hold promise for Israeli businesses keen to expand into other Gulf Cooperation Council countries. Manama is seen as a potential bridge to Saudi Arabia — the Middle East’s largest economy whose ambitious socio-economic transformation offers significant opportunities — which opened its airspace for flights between Israel and Bahrain, UAE and India after the Abraham Accords were signed.

 

It is also worth noting that a trilateral Saudi-Egyptian-Israeli agreement is reportedly being discussed to allow Israeli flights unrestricted access to Saudi Arabia’s airspace.[xiii] Qatar, which was leading the Gulf embrace of Israel in early 2000s, recently announced it will allow Israeli citizens to fly to Doha for the FIFA World Cup.[xiv]

 

The main focus of the Abraham Accords countries has been on cooperation in technology, healthcare, tourism, logistics, transportation, (renewable) energy, diamonds, real estate, industry, small and medium sized enterprises, start ups, artificial intelligence, cyber, and industry. The Arab countries are particularly interested in Israeli cutting-edge technology in water and agriculture solutions, cybersecurity as well as finance and healthcare as Israel makes up for its lack of natural resources and reliance on energy imports by its global leading role in innovation and technology, nurturing highly skilled workforce, and is known for its start up culture and the “Silicon Wadi.”[xv]

 

The Wider Potential of the Accords

 

As a welcome byproduct of the Accords, economic cooperation between Israel and its two first Arab partners, Egypt and Jordan, as well as among the Arab countries with ties to Israel has accelerated, which is generating tangible outcomes for Europe as well. These initiatives include: the Israel-Jordan deal to increase Jordanian exports to the West Bank $160 million to $700 million, the large UAE-Israel-Jordan water-for-energy deal, UAE-Moroccan joint venture in Romania, the UAE plan to increase trade with Morocco ninefold, to $7 billion, by 2031, the UAE-Egypt-Jordan $10 billion industrial partnership, and Israel-Egypt-European Union trilateral memorandum of understanding to export Israeli natural gas from the Mediterranean Sea to Europe via Egypt.[xvi]

 

While the benefits of bilateral cooperation should not be downplayed, arguably the main strength of the Accords lies in the ability to multiply the economic and peace dividends through multilateral cooperation among its members and forging joint partnerships with third countries that already have a pre-existing bilateral relationship with Israel, the UAE, Bahrain and other signatories. The expansion of partnerships beyond the Abraham Accords circle could help deepen informal cooperation with other countries that cannot openly engage with Israel for political reasons and further contribute to regional stability through trade exchanges over the long run. Notable examples of this type of cooperation already include projects with countries and companies in Asia, Africa, Europe and the US, notably India,[xvii] Japan,[xviii] Uzbekistan[xix] and Ghana,[xx] and could reach deeper into Central, South and Southeast Asia and across Africa (see the list of the initiatives below).

 

 

 

 

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Examples of moves to develop economic relations among the Abraham Accords signatories.

 

2020:

 

• Bahrain and Israel signed a Memorandum of Understanding (MOU) regarding financial, innovation cooperation, small and medium enterprises, and tourism.[xxi]

• Dubai-owned DP World, signed agreements with Israel’s DoverTower including a joint bid in the privatisation of Haifa Port on the Mediterranean (DP World recently withdrew its participation).[xxii]

• Israeli state-owned company Europe-Asia Pipeline Company (EAPC) and MED-RED Land Bridge Ltd (MRLB), signed a MOU to store and transfer oil via the Trans-Israel Pipeline connecting the Red Sea and the Mediterranean from the UAE and other Eastern markets to the West, and from the Mediterranean to the Far East.[xxiii]

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2021:

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• The UAE created a fund to invest $10 billion in strategic sectors, including energy, manufacturing, water, space, healthcare and agri-tech, in and alongside Israel.[xxiv]

• The National Bank of Bahrain signed a MOU with Israel’s two largest banks, Bank Hapoalim and Bank Leumi, to help facilitate business links between the two countries.[xxv]

• Abu Dhabi’s Mubdala Petroleum Company bought a 22% stake in Israel’s offshore Tamar natural-gas field from Delek Drilling for $1.1 billion.[xxvi]

• The UAE and Israel signed a treaty to avoid double taxation.[xxvii]

• OurCrowd became the first major Israeli venture capital company to open a branch in the UAE to invest in local startups.[xxviii]

• UAE-Israel-Bahrain launched a joint trade forum.[xxix]

• Israel’s Mehadrin partnered with a Moroccan company to grow avocados in Morocco for export to Europe, foreseeing a joint investment of $8.5 million in the first three years.[xxx]

• Israel’s state-owned water company, Mekorot, and Bahrain's Electricity and Water Authority (EWA) signed a $3 million agreement to share water knowledge and technologies.[xxxi]

• Israel’s state-owned Rafael Advanced Defense Systems and the Abu Dhabi-based Group 42 formed a joint venture, Presight.AI, that will establish an R&D centre in Israel to commercialise artificial intelligence and big data technologies and solutions for sectors such as banking, healthcare and public safety.[xxxii]

 

2022:

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• Israel and Morocco signed trade and investment cooperation agreements to facilitate trade and investments namely in the aerospace, automobile, agri-food, textile and pharmaceutical industries, cooperation in industrial research and development, and to establish industrial zones.[xxxiii]

• Morocco purchased the BARAK MX Integrated Air and Missile Defence System for $500 million from the Israel Aerospace Industries (IAI).[xxxiv]

• The Israel Diamond Exchange representative office opened at the Dubai Diamond Exchange.[xxxv]

• Israeli company, Gandyr, acquired a minority stake in Gaia Energy, a Moroccan renewable energy company, and agreed to jointly invest 1.3 billion USD in Morocco’s renewable energy sector within two years.[xxxvi]

• Israel signed a Comprehensive Economic Partnership Agreement with the UAE, its first one with an Arab country.[xxxvii]

• Israel plans to launch a programme to attract Moroccan workers amid domestic shortage of workforce.[xxxviii]

• Israel’s IMS Ovadia signed an MOU with Morocco’s Ministry of Health to invest about $497 million to construction of several hospitals in Morocco.[xxxix]

• The UAE, Morocco and Israel explore the potential of a trilateral trade agreement to boost trade cooperation.[xl]

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Examples of Abraham Accords partnerships with third countries:

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• India, Israel and the UAE concluded the first trilateral partnership whereby the Israeli company, Ecoppia, will be producing a robotic solar cleaning technology in India for a project in the UAE.[xli]

• The US-Israel-UAE $3 billion fund for private investment in development projects throughout the Middle East, which was joined by Uzbekistan,[xlii]

• The first UAE-Japan-Israel Innovation Forum was organised by Japan’s Ministry of Economy, Trade & Industry, UAE’s Ministry of Economy, Israel’s Ministry of Economy, Trade and Industry, and Japan External Trade Organisation.[xliii]

• India, Israel, the US and the UAE established a joint economic forum.[xliv]

• An Issraeli-French joint venture, Firon-UGGC, will provide international legal services and cross-border solutions to clients in Israel, France, Morocco, Ghana and Ivory Coast.[xlv]

• The Etihad Credit Insurance, the UAE's federal export credit company, and Israel Export Insurance Corp Ltd signed an agreement to fund a $147 million healthcare project in Ghana.[xlvi]

• International semiconductor consortium ISMC, a joint venture between Abu Dhabi-based Next Orbit Ventures and Israel's Tower Semiconductor, will invest $3 billion in India's southern Karnataka state to set up a chip-making plant.[xlvii]

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References

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[i] Abraham Accords Peace Institute, ‘Abraham Accords Peace Institute's Trade and Investment Forum 2021,’ 8 December 2021, https://www.aapeaceinstitute.org/latest/abraham-accords-peace-institutes-trade-and-investment-forum-accelerates-abraham-accords-economic-ties.

[ii] Stuart Winer, ‘In biggest-yet Israel-UAE deal, Delek to sell stake in Tamar gas field for $1.1b,’ The Times of Israel, 26 April 2021, https://www.timesofisrael.com/in-biggest-yet-israel-uae-deal-delek-to-sell-stake-in-tamar-gas-field-for-1-1b/.

[iii] AsharqAl-Awsat, ‘UAE to Double National Economy to $816 Billion by 2030,’ 26 June 2022, https://english.aawsat.com/home/article/3724961/uae-double-national-economy-816-billion-2030.

[iv] Alexander Cornwell, ‘UAE-Israel accord could bring new sparkle to Dubai diamond trade,’ Reuters, 7 October 2020, https://www.reuters.com/article/israel-gulf-emirates-diamonds-int-idUSKBN26S1WP

[v] TradeArabia, ‘UAE, Israel seal CEPA deal; eye $10bn bilateral trade in 5 years,’ 31 May 2022, http://www.tradearabia.com/news/BANK_396973.html; UN COMTRADE, ‘International Merchandise Trade Statistics’ United Nations Statistics Division, http://comtrade.un.org/.

[vi] Yousef Saba, ‘UAE seeks $1 trillion in economic activity with Israel by 2031,’ Reuters, 14 September 2021, https://www.reuters.com/world/middle-east/uae-aims-1-trillion-activity-with-israel-by-2031-2021-09-14/.

[vii] Muzaffar Rozvi, ‘UAE, Israel sign treaty to avoid double taxation,’ Khaleej Times, 31 May 2021, https://www.khaleejtimes.com/economy/uae-israel-sign-treaty-to-avoid-double-taxation.

[viii] [1] ‘Israel and Morocco sign economic cooperation and trade agreement,’ Israel Ministry of Foreign Affairs, 21 February 2022, https://www.gov.il/en/departments/news/israel-and-morocco-sign-economic-cooperation-and-trade-agreement-21-feb-2022, [2] TradeArabia, ‘UAE, Israel seal CEPA deal; eye $10bn bilateral trade in 5 years,’ http://www.tradearabia.com/news/BANK_396973.html, [3] Ricky Ben-David, ‘Israel, Egypt to boost economic ties, step up bilateral trade to $700m,’ The Times of Israel, 29 May 2022, https://www.timesofisrael.com/israel-egypt-to-boost-economic-ties-step-up-bilateral-trade-to-700m/.

[ix] TradeArabia, ‘UAE, Israel seal CEPA deal; eye $10bn bilateral trade in 5 years.’

[x] Ingrid Behrsin, Kasandra OʼMalia, Shradhey Prasad, Amanda Hinh, Nagwa Abdallah. A Race to the Top: ARABIC-SPEAKING COUNTRIES ON PACE TO GROW THEIR UTILITY-SCALE WIND AND SOLAR CAPACITY MORE THAN 500% BY 2030. Global Energy Monitor, June 2022, https://globalenergymonitor.org/wp-content/uploads/2022/06/A-Race-To-The-Top-final-English-version.pdf; Souad Anouar, ‘Morocco to Provide World’s Third Cheapest Green Hydrogen in 2050,’ Morocco World News, 2 June 2022, https://www.moroccoworldnews.com/2022/06/349444/morocco-to-provide-worlds-third-cheapest-green-hydrogen-in-2050.

[xi] YNet News, ‘After two decades, Israel rejoins African Union,’ 22 July 2021, https://www.ynetnews.com/article/r1rmnr8co.

[xii] International Trade Centre Map, 2022.

[xiii] Cody Levine, ‘Israeli Chamber of Commerce signs deal with Bahraini equivalent,’ 20October 2020, The Jerusalem Post, https://www.jpost.com/middle-east/israeli-chamber-of-commerce-signs-deal-with-bahraini-equivalent-646241; Fiona MacDonald, Zainab Fattah, and Matthew Martin, ‘Saudi-Israel Overflight Deal in Sight as Biden Heads to Mideast,’ Bloomberg, 21 June 2022, https://www.bloomberg.com/news/articles/2022-06-21/saudi-israel-overflight-deal-in-sight-as-biden-heads-to-mideast#xj4y7vzkg; Ch-aviation, ‘Israel, Saudi Arabia near overflights agreement,’ 6 June 2022, https://www.ch-aviation.com/portal/news/116234-israel-saudi-arabia-near-overflights-agreement.

[xiv] The Arab Weekly, ‘Qatar agrees to allow Israeli citizens to travel to World Cup,’ 10 June 2022, https://thearabweekly.com/qatar-agrees-allow-israeli-citizens-travel-world-cup. 

[xv] Abigail Klein Leichman, ‘Why the UAE is looking to Israel to secure its food supplies,’ Israel21c, 19 October 2020, https://www.israel21c.org/why-the-uae-is-looking-to-israel-to-secure-its-food-supplies/; Brian Blum, ‘How Beersheva plans to be the world hub of desert technology,’ Israel21c, 1 December 2020, https://www.israel21c.org/how-beersheva-plans-to-be-the-world-hub-of-desert-technology/.

[xvi] Tovah Lazaroff, ‘Israel and Jordan ink deal to increase Jordanian exports to West Bank,’ The Jerusalem Post, 3 November 2021, https://www.jpost.com/israel-news/israel-and-jordan-ink-deal-to-increase-jordanian-exports-to-west-bank-683939; Times of Israel, ‘Israel, Jordan sign huge UAE-brokered deal to swap solar energy and water,’ 22 November 2021, https://www.timesofisrael.com/israel-jordan-sign-uae-brokered-deal-to-swap-solar-energy-and-water/; Sarah El Safty and Ari Rabinovitch, ‘EU, Israel and Egypt sign deal to boost East Med gas exports to Europe,’ Reuters, 15 June 2022, https://www.reuters.com/business/energy/eu-israel-egypt-sign-deal-boost-east-med-gas-exports-europe-2022-06-15/; Aleksia Petrova, ‘UAE's Al Dahra, Morocco's OCP seek regulatory nod to set up JV in Romania,’ SeeNews, 27 July 2021, https://seenews.com/news/uaes-al-dahra-moroccos-ocp-seek-regulatory-nod-to-set-up-jv-in-romania-748963; Al Arabiya English, ‘UAE wants to boost trade with Morocco via faster shipping: Economy minister,’ 9 June 2022, https://english.alarabiya.net/News/gulf/2022/06/09/UAE-wants-to-boost-trade-with-Morocco-via-faster-shipping-Economy-minister; WAM, ‘UAE, Egypt and Jordan sign Industrial Partnership for Sustainable Economic Growth,’ 29 May 2022, https://wam.ae/en/details/1395303052179.

[xvii] Dipanjan Roy Chaudhury, ‘India, Israel and UAE sign maiden trilateral deal to push W Asian partnership,’ The Economic Times, 6 May 2021, https://economictimes.indiatimes.com/news/india/india-israel-and-uae-sign-maiden-trilateral-deal-to-push-w-asian-partnership/articleshow/82432369.cms; ‘A new Quad? India, Israel, US and UAE agree to establish joint economic forum,’ The Economic Times, 20 October 2021, https://economictimes.indiatimes.com/news/economy/foreign-trade/india-israel-us-and-uae-agree-to-establish-joint-economic-forum/articleshow/87139659.cms.

[xviii] Japan External Trade Organization(JETRO), ‘UAE-Japan-Israel Innovation Forum,’ 5 January  2022, https://www.jetro.go.jp/uae/topics/_477549.html.

[xix] Times of Israel, ‘US, Israel, UAE announce establishment of $3 billion regional investment fund,’ 20 October 2020, https://www.timesofisrael.com/us-israel-uae-announce-establishment-of-3-billion-regional-investment-fund/; US International Development Finance Corporation, ‘Joint US-Uzbek Statement on the Abraham (Ibrahim) Fund,’ 9 January 2021, https://www.dfc.gov/media/press-releases/joint-us-uzbek-statement-abraham-ibrahim-fund.

[xx] Business Standard, ‘Abu Dhabi-Israel group to set up $3 bn chip making plant in Karnataka,’ 1 May 2022, https://www.business-standard.com/article/companies/abu-dhabi-israel-group-to-set-up-3-bn-chip-making-plant-in-karnataka-122050100401_1.html.

[xxi] Bahrain News Agency, ‘Bahrain and Israel sign cooperation agreements,’ 1 December 2020, https://www.bna.bh/en/BahrainandIsraelsigncooperationagreements.aspx?cms=q8FmFJgiscL2fwIzON1%2BDgqGvX2jzJwtHoaGykHDXsI%3D; Israel Ministry of Foreign Affairs, ‘Israel and Bahrain sign historic tourism MOU,’ Press release, 3 December 2020, https://www.gov.il/en/Departments/news/israel-and-bahrain-sign-historic-tourism-mou-3-december-20207.

[xxii] Reuters, ‘Dubai's DP World to partner with Israeli firm in bid for Haifa Port,’ 16 September 2020, https://www.reuters.com/article/us-israel-emirates-shipping-idUSKBN2670XR; Reuters, ‘Israel can link Middle East, European ports, DP World chairman says,’ 7 December 2020, https://www.reuters.com/article/emirates-israel-dp-world-int-idUSKBN28H0UF.

[xxiii] Dania Saadi, ‘Israeli pipeline company EAPC to transport UAE oil via Red Sea-Med network,’ https://www.spglobal.com/commodityinsights/en/market-insights/latest-news/oil/102020-israeli-pipeline-company-to-transport-uae-oil-via-red-sea-med-network; The Jerusalem Post, ‘Trans-Israel Pipeline appeals block of oil deal with UAE,’ 10 February 2022, https://www.jpost.com/breaking-news/article-696109.

[xxiv] WAM, ‘UAE announces $10 billion fund for investments in Israel,’ 11 March 2021, https://wam.ae/en/details/1395302917391.

[xxv] Al Arabiya, ’Israel’s two largest banks sign cooperation agreements with Bahrain’s NBB,’ 17 January 2021, https://english.alarabiya.net/business/economy/2021/01/17/Israel-s-two-largest-banks-sign-cooperation-agreements-with-Bahrain-s-NBB.

[xxvi] Guy Lieberman, ‘Abu Dhabi's Mubadala buys Delek Drilling's Tamar stake,’ Globes, 2 September 2021, https://en.globes.co.il/en/article-abu-dhabis-mubadala-buys-delek-drillings-tamar-stake-1001383854

[xxvii] Muzaffar Rizvi, ‘UAE, Israel sign treaty to avoid double taxation,’ Khaleej Times, 31 May 2021, https://www.khaleejtimes.com/economy/uae-israel-sign-treaty-to-avoid-double-taxation.

[xxviii] Reuters, ‘Israeli venture firm OurCrowd gets license to operate in the UAE,’ 22 November 2021, https://www.reuters.com/markets/us/israeli-venture-firm-ourcrowd-gets-license-operate-uae-2021-11-22/.

[xxix] The Jerusalem Post, ‘UAE-Israel-Bahrain launch joint trade forum,’ 23 January 2021, https://www.jpost.com/arab-israeli-conflict/uae-israel-bahrain-launch-joint-trade-forum-656412.

[xxx] Aviv Levy, ‘Israel’s Mehadrin to grow avocados in Morocco,’ Globes, 21 April 2021, https://en.globes.co.il/en/article-israels-mehadrin-to-grow-avocados-in-morocco-1001368321.

[xxxi] Sharon Wrobel, ‘Israel and Bahrain Sign $3 Million ‘First-of-Its-Kind’ Deal to Share Knowledge on Water Technology,’ 31 March 2021, https://www.algemeiner.com/2021/03/31/israel-and-bahrain-sign-3-million-first-of-its-kind-deal-to-share-knowledge-on-water-technology/.

[xxxii] Vaughn O’Grady, ‘UAE and Israeli companies agree tech joint venture,’ Developing Telecoms, 20 April 2021, https://developingtelecoms.com/telecom-business/10997-uae-and-israeli-companies-agree-tech-joint-venture.html.

[xxxiii] ‘Israel and Morocco sign economic cooperation and trade agreement.’

[xxxiv] Oumaima Latrech, “Morocco, Israel Conclude $500 Million Deal for Missile Defense System,” Morocco World News, 13 February 2022, https://www.moroccoworldnews.com/2022/02/347069/morocco-israel-reportedly-conclude-500-million-deal-for-missile-defense-system.

[xxxv] Gulf Business, ‘Israel Diamond Exchange Office to Open in Dubai”, 23 February 2022, https://gulfbusiness.com/israel-diamond-exchange-office-to-open-in-dubai/.

[xxxvi] Gaia Energy, ‘Israeli Gandyr and Gaia Energy Maroc join forces: 13 MMDH of investments announced’, 1 March 2022, http://gaiaenergyre.com/lisraelien-gandyr-et-gaia-energy-maroc-sallient-13-mmdh-dinvestissements-annonces/.

[xxxvii] AP News, ‘Israel, UAE sign free trade deal, first with an Arab country’, 31 May 2022, https://apnews.com/article/politics-middle-east-united-arab-emirates-free-trade-a7c97bf7287a91ba38aaefa72d1d9eb2.

[xxxviii] Jihane Rahhou, ‘Israel to Attract Moroccan Workers Through Special Program,’ Morocco World News, 22 July 2022, https://www.moroccoworldnews.com/2022/06/349861/israel-to-attract-moroccan-workers-through-special-program.

[xxxix] Oumaima Latrech, ‘Israel to Invest $497 million to Build Hospoitals in Morocco,’ Morocco World News, 1 July 2022, https://www.moroccoworldnews.com/2022/07/350026/israel-to-invest-497-million-to-build-hospitals-in-morocco.

[xl] Safaa Kasraoui, ‘UAE Seeks Trilateral Trade Agreement with Morocco, Israel,’ Morocco World News, 10 June 2022, https://www.moroccoworldnews.com/2022/06/349613/uae-seeks-trilateral-trade-agreement-with-morocco-israel.

[xli] Dipanjan Roy Chaudhury, ‘India, Israel and UAE sign maiden trilateral deal to push W Asian partnership,’ 6 May 2021, https://economictimes.indiatimes.com/news/india/india-israel-and-uae-sign-maiden-trilateral-deal-to-push-w-asian-partnership/articleshow/82432369.cms.

[xlii] Toi Staff, ‘US, Israel, UAE announce establishment of $3 billion regional investment fund,’ Times of Israel, 20 October 2022, https://www.timesofisrael.com/us-israel-uae-announce-establishment-of-3-billion-regional-investment-fund/; US International Development Finance Corporation, ‘Joint US-Uzbek Statement on the Abraham (Ibraham) Fund,’ 9 January 2021, https://www.dfc.gov/media/press-releases/joint-us-uzbek-statement-abraham-ibrahim-fund.

[xliii] Jetro, ‘UAE-Japan-Israel Innovation Forum.’

[xliv] Chaudhury, ‘A new Quad? India, Israel, US and UAE agree to establish joint economic forum.’

[xlv] Firon & Co, ‘Our firm is proud to launch a new partnership Firon-UGGC, that will operate in Israel, France, Morocco and West Africa,’ 30 March 2022, https://www.firon.co.il/home/new-partnership-firon-uggc/.

[xlvi] The New Khaleej, ‘الإمارات وإسرائيل توقعان اتفاقا لتمويل مشروع صحي في غانا [The UAE and Israel finance an agreement to finance a health project in Ghana, in Arabic],’ 21 June 2022, https://thenewkhalij.news/article/270428/almarat-osrayl-tokaaan-atfaka-ltmoyl-mshroaa-shy-fy-ghana.

[xlvii] Munsif Vengattil and Aditya Kalra, ‘Abu Dhabi-Israel group to set up $3 bn chip making plant in Karnataka,’ Business Standards, 1 May 2022, https://www.business-standard.com/article/companies/abu-dhabi-israel-group-to-set-up-3-bn-chip-making-plant-in-karnataka-122050100401_1.html.