With secrecy over UAE-Israel trade relations lifted, delegation arrives in Dubai
Dubai:
If you had asked Israeli businessman Yehonatan Ben Hamozeg earlier this year where he would showcase his palm tree protection technology in October, there was no way he had said in the UAE.
But after a surprise US-backed normalization deal between the UAE and Israel, the soft-spoken, gray-haired entrepreneur found himself doing just that at a Dubai hotel last week.
Ben Hamozeg is the founder and CEO of Agrint, a company that uses seismic sensors to detect insects that eat – and destroy – indoor palm trees.
He was one of 13 business leaders who took part in a four-day trip to the United Arab Emirates organized by Jerusalem Venture Partners (JVP), a venture capital firm.
Prior to normalization, there had been quiet ties between the Gulf nation and Israel’s thriving high-tech sector.
But after the deal brokered by US President Donald Trump, who is seeking re-election on Tuesday, those ties have surfaced and are poised to develop.
“We learn, we open our eyes, friendships and personal bonds are formed,” said JVP founder Erel Margalit, who headed the Israeli delegation.
Charismatic and gregarious, Margalit is one of Israel’s leading venture capitalists, having supported more than 150 tech start-ups.
He insisted that the UAE’s potential for the Israeli economy is vast, both in terms of direct partnerships in the financial, technological and food sectors, but also as a portal to the still-cut Arab markets. ‘Jewish state.
“Israel can now work with the region rather than shut itself off from it. For us, this is a huge opportunity,” he said.
“We want to use this breakthrough to open a new chapter in the region.”
‘Out of the shadows’
With the veil of secrecy on UAE-Israel trade relations lifted, the delegation, including several Israeli and foreign journalists, arrived in Dubai by private jet and were greeted with kosher food and signs in Hebrew.
A Palestinian businessman from East Jerusalem, a former Mossad spy turned businessman, and an expert on desert cultures – three men who have worked with the UAE for years – traveled alongside the 13 CEOs and played a key role in organizing the meetings.
The group was openly mixed with Emirati business leaders and government officials at a posh hotel in Dubai’s financial district and across the city.
Along with the networking events – some complicated by coronavirus restrictions – delegates held private meetings with potential partners, with sightseeing tours interspersed between events.
Mohamad Mandeel, COO of Royal Strategic Partners Abu Dhabi, cited a protein-rich chickpea powder made by Israeli company InnovoPro to illustrate the potential for regional cooperation.
“If I bring up a Dutch business and tell them hummus, they’ll say – what is that?” Said Mandeel, who wore the traditional Emirati white dress, using the Arabic word. for the chickpeas.
Israeli businesses, he said, could make strong partners because they understand the Middle East, including the quest for food security in an often difficult agricultural environment.
They could also be a bridge to peace among nations.
“I still believe that the economy will be the engine of politics,” he said. “So you get the economy moving and things will come afterwards positively.”
Before normalization, Israeli Ronen Yehoshua was already doing business in Dubai, but his cybersecurity company Morphisec was represented by a third party.
Now he can “go from the shadows to the light,” he said.
For him, being in the UAE also meant that he could finally discover the local market.
“It’s only when you reach a place that you can really have a better and deeper understanding of it,” he said.
Arshi Ayub Zaveri, managing director of Dubai-based Trust with Trade, said the blockchain technology developed by “the wonderful spirits who are in Israel” presented an exciting opportunity.
“Ultimately, we have been the owners of traditional assets, oil or whatever commodity. We would like to see how we can symbolize that digitally in a suitable format,” she said.
“I hope we see a time when it becomes normal for us to list each other’s companies on our stock exchanges,” said Zaveri, also an adviser to the royal family.
Friends first, business after
As Margalit’s delegation looked for business partners, he stressed that private sector deals were a proven method for consolidating peace among nations.
On his way to Dubai, he told the delegation: “You are the true emissaries of Israel”.
“I respect politicians for leading a process and for making a peace deal,” he said. “Now we have to bring the content.”
InnovoPro chief executive Taly Nechushtan, whose product has caught the attention of the Emirati Mandarin, said its powder, which can be used to make foods including vegan ice cream and burgers, is attractive in a world “in search of alternatives”.
Opening a factory in the UAE could provide the domestic market with a sustainable protein, but also the opportunity to become a regional “production portal”, she said.
While Nechushtan’s whirlwind visit was packed with meetings, she said it was premature to talk about deals.
“We came here to make friends; business will follow, ”she said. “We are not worried.”
(Except for the title, this story was not edited by GalacticGaming staff and is posted from a syndicated feed.)
