DP World and Dubai Customs will be exploring opportunities to develop trade links between Israel and the United Arab Emirates, following the signing of a series of memorandums of understanding (MoUs).

Group Chairman and CEO of DP World, HE Sultan Ahmed bin Sulayem, signed MoUs with DoverTower, a company owned by Shlomi Fogel, the co-owner of Israel Shipyards and Port of Eilat.

Part of the engagement between the two countries to strengthen peace, dialogue and stability and promote sustainable development, the MoUs create a framework for the companies to work together in assessing opportunities to develop infrastructure for trade between Israel and the UAE, as well as within Israel and the region.

The MoUs cover three broad areas of cooperation:

• DP World will assess the development of Israeli ports and free zones and the potential establishment of a direct shipping route between Eilat and Jebel Ali.
• Dubai Customs will promote and facilitate trade between private entities in the two countries through customs best practice and seamless, innovative processes.
• Drydocks World will explore business opportunities with Israel Shipyards on a joint venture for developing, manufacturing and marketing ISL products.

HE Sultan Ahmed bin Sulayem, Chairman and CEO of DP World, said: "The MoUs will contribute to the efforts to tap economic and trade cooperation opportunities, and facilitate development-oriented linkages between the two countries. DP World's mission is to enable global trade – our work to build trade routes between the UAE, Israel and beyond will help our customers to do business in the region more easily and efficiently."

Privatization of the Port of Haifa

Shlomi Fogel, Chairman and owner of DoverTower Group, shareholder of Israel Shipyard port in Haifa and partner of Eilat Port said: "This is a great honour to work and collaborate with HE Sultan bin Sulayem, Chairman and CEO of DP World.

"I believe that this agreement is just the beginning of a mutual and long collaboration and more agreements will follow between DP World and DoverTower across different industries.

"I am also happy to announce that DP World and Israel Shipyards will collaborate to establish a joint venture that will participate in the tender for the privatisation of the Port of Haifa."