UAE firms to explore port development, vessel newbuilding opportunities with Israeli counterparts under new MOUs

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).

The memorandums were signed by representatives of DP World and Israeli company DoverTower, a company owned by Israel Shipyards and Port of Eilat co-owner Shlomi Fogel.

The MOUs will 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.

As stipulated in the terms of the MOUs, 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. Further, Dubai-based Drydocks World will form a joint venture with Israel Shipyards with the aim of marketing the latter company’s various products to the UAE defence and commercial markets.

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