The talks between Israel and the United Arab Emirates for a robust trade deal are advancing successfully and a signing ceremony will be held next year.
This was disclosed by Israel’s new ambassador to the UAE, Amir Hayek, while talking to the state news agency.
Hayek said that the Comprehensive Economic Partnership Agreement (CEPA) will be signed within the nine-month timeframe.
During the interview, he said that the sky is the limit in relations with the UAE, adding that the CEPA is vital for enhancing the bilateral trade ties.
Hayek’s interview comes as the Federation of Israeli Chambers of Commerce has projected that trade between the UAE and Israel could surge to $1.5 billion by the end of this year. The FICC sees this trade volume at over $5 billion within two to three years.
In the meantime, the president of the UAE-Israel Business Council said that the number of Israeli companies operating in the UAE is expected to double within a year.
In July, Dorian Barak, who is also the founder of Indigo Strategic Partners, said that he expects over 1,000 Israeli companies to be active in the UAE by next July. He said the coronavirus pandemic could be the only hurdle in enhancing bilateral economic ties.
Meanwhile, the UAE’s Economy Minister Abdulla Bin Touq has said that his country is seeking to grow economic ties with Israel to more than $1 trillion over the next decade.
Speaking at a virtual conference from the US, he said that the UAE has signed over 60 memorandums of understanding (MoUs) with Israel since normalising relations in 2020.
He added that currently, the UAE and Israel are engaged in up to $700 million dollars of bilateral trade and both sides have already announced joint funds of billions of dollars.
Earlier this month, the UAE also announced plans to strengthen its trade ties with the fast-growing economies in Asia and Africa.
Emirates Engineering has launched a new programme giving UAE university students the chance to transform retired aircraft materials into innovative products while gaining hands-on experience with the airline’s engineering teams.
Called Material Futures Studio, the six-week initiative is led by Emirates Engineering’s Upcycling department. It aims to inspire the next generation of aviation engineers by challenging students to find creative new uses for materials recovered from retired aircraft.
The first edition brings together 23 students from Khalifa University, Emirates Aviation University and the University of Sharjah.
Students began the programme with an orientation session and a behind-the-scenes tour of Emirates Engineering’s facilities in Dubai, where they met senior leaders, explored aircraft maintenance operations and visited the airline’s upcycling workshop to see how retired aircraft materials are already being turned into new products.
How the programme works
Over six weeks, participants will develop concepts and prototypes using materials recovered from retired aircraft, with guidance from Emirates Engineering specialists throughout the design and development process.
The programme will conclude with a showcase where students present their final ideas and prototypes.
According to Emirates, the initiative is designed to bridge the gap between academia and industry by giving students practical engineering experience while enabling the airline to tap into fresh ideas and emerging talent.
Part of Emirates’ sustainability efforts
Material Futures Studio builds on Emirates’ wider sustainability strategy and its multi-billion-dollar aircraft retrofit programme.
The airline is currently refurbishing 219 Airbus A380 and Boeing 777 aircraft, one of the largest retrofit projects in the aviation industry. Rather than discarding materials removed during the upgrades, Emirates Engineering has been repurposing them into new products through its in-house upcycling projects.
These include the Aircrafted by Emirates collection of limited-edition luggage, bags and accessories made from reclaimed aircraft materials, as well as Aircrafted KIDS, which transforms retired aircraft fabrics into backpacks for children. Emirates says more than 4,000 backpacks have already been donated to children in 11 countries.
Getting around Jumeirah Lakes Towers (JLT) is about to become much easier. A new fully electric bus service, JLT Link, launches on August 1, offering residents and visitors a convenient way to travel across the neighbourhood for just Dh3 per ride.
Replacing the existing bus service, the new network is designed to make short trips around JLT quicker, cheaper and more sustainable.
How does JLT Link work?
The service operates a fleet of turquoise electric buses across two circular routes:
Route 1: Clusters A to N
Route 2: Clusters O to Z
There’s no need to book. Simply head to the nearest bus stop, scan the QR code to pay and hop on.
Metro connections and 18 stops
JLT Link connects directly with both DMCC Metro Station and Sobha Realty Metro Station, making it easier to continue your journey across Dubai.
The network serves 18 stops across JLT and Uptown Dubai, with buses arriving every 20 minutes.
Sustainable and accessible
The fully electric buses are part of DMCC’s wider sustainability strategy and feature:
Low-floor boarding
Wheelchair accessibility
Space for standing passengers
The launch complements other sustainability initiatives across JLT, including solar-powered infrastructure, Dubai Can refill stations and community recycling facilities.
UAE motorists could see petrol prices fall for a second consecutive month in August, although any reduction is expected to be modest as global oil markets remain volatile.
Experts are predicting lower crude oil prices during July will support another cut at the pump, but the ongoing geopolitical tensions and tight fuel inventories are likely to limit how much prices fall.
Based on current trends, experts estimate Special 95 could fall to around Dh3.13 per litre, while Super 98 could drop to about Dh3.24 per litre.
Oil markets continue to react to geopolitical developments, particularly tensions involving Iran and concerns over shipping routes in the Gulf.
However, prices are capable of moving up sharply if regional tensions escalate.
July fuel prices
Super 98: Dh3.40 per litre
Special 95: Dh3.29 per litre
E-Plus 91: Dh3.21 per litre
Diesel: Dh3.60 per litre
The UAE is expected to announce fuel prices for August this week, with many motorists hoping for another reduction to help ease the rising cost of living and daily commuting expenses.