UAE-Israel trade set to reach 5 billion US dollar: DP World chairman

Agencies

December 7, 2020

Dubai, Dec 7: Bilateral trade between the UAE and Israel will reach $5 billion as "there are plenty of opportunities", especially in technology, logistics and other industries, senior officials have said.

“We estimate at least $5 billion trade in the beginning between the UAE and Israel and it will increase as there are many opportunities. From the technology side, we see huge opportunities. We never looked at it earlier, but ... port facilities will allow us to link our ports in Europe to the Middle East," said Sultan Ahmed Bin Sulayem, Group Chairman and CEO of DP World and Chairman of Ports, Customs and Free Zone Corporation.

He added that Israel is a "very well established market" with traders.

“People can look at the UAE as an important place to reach bigger markets. Within three hours of flight from Dubai, you can reach two billion people. And you find several flights from Dubai and other emirates daily to access these ... markets. You can fly and ship anything at any time of the day from the UAE to anywhere in the world,” Bin Sulayen said during the inaugural UAE-Israel Future Digital Economy Summit held during the Gitex Technology Week at the Dubai World Trade Centre on Monday.

This is the first summit involving Israeli technology companies in the UAE since the signing of Abraham Accords on September 15 in Washington DC.

Several major start-up technology companies from Israel are taking part in the ongoing 40th edition of the Gitex Technology Week.

The tech week is the biggest live in-person event in the UAE since the outbreak of the coronavirus pandemic.

Reem Al Hashimy, the UAE’s Minister of State for International Cooperation and Director-General, Expo 2020 Dubai, said the future cannot be found based on old methods, "but with understanding and de-escalation".

“We want to part from the past and begin a relationship on the premise of dialogue and debate,” Al Hashimy said, while giving a welcome address at the summit on Monday.

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Adani Group in Crisis: $30 Billion Wiped Out after US Bribery and Fraud Charges Emerge

News Network

November 21,2024

Shares of Adani Group companies lost about $28 billion in market value in morning trade on Thursday after US prosecutors charged the billionaire chairman of the Indian conglomerate in an alleged bribery and fraud scheme.

Gautam Adani's flagship company Adani Enterprises tumbled 23 per cent, while Adani Ports, Adani Total Gas, Adani Green, Adani Power, Adani Wilmar and Adani Energy Solutions, ACC , Ambuja Cements and NDTV fell between 20 per cent and 90 per cent.

Adani group's 10 listed stocks had a total market capitalisation of about $141 billion at 0534 GMT, compared to $169.08 billion on Tuesday.

US authorities said Adani and seven other defendants, including his nephew Sagar Adani, agreed to pay about $265 million in bribes to Indian government officials to obtain contracts expected to yield $2 billion of profit over 20 years, and develop India's largest solar power plant project.

Adani Green in a statement on Thursday said the US Justice Department had issued a criminal indictment against board members Gautam Adani and Sagar Adani and the Securities and Exchange Commission had issued a civil complaint against them.

The US Justice Department also included Adani Green board member Vneet Jaain in the criminal indictment, it said.

Adani Green's units had decided not to proceed with the proposed US dollar denominated bond offerings due to developments, it added.

"Investors will shy away from Adani Group stocks ... and that's what this sharp selling is signifying," said Saurabh Jain, assistant vice president of retail equities research at SMC Global Securities.

"This could hurt the credibility of the group and maybe borrowing costs will rise," he said.

The indictment comes nearly two years after US shortseller Hindenburg Research alleged that Adani had improperly used tax havens and was involved in stock manipulation, allegations the conglomerate denied.

Also in early Asian trading on Thursday, Adani dollar bonds slumped, with prices down 3c-5c on bonds for Adani Ports and Special Economic Zone. The falls were the largest since the Adani Group came under a short-seller attack in February 2023.

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