An El Al plane is seen in the background landing at Abu Dhabi International Airport, in the United Arab Emirates, Aug. 31, 2020. Photo: Ministry of Presidential Affairs / WAM / Handout via Reuters.

CTech – “In the United Arab Emirates, many have understood that while oil is a good thing, it’s not something that can be relied on, because of its wavering price, and the fact that it won’t last forever. That’s why in the UAE many have taken a step forward to diversify the country’s revenues, and this was indeed successful. In Dubai, for example, oil is only 2% of the country’s revenues,” CEO of Leumitech Yifat Oron said during the Israel-UAE Conference organized by Calcalist, Bank Leumi, and Reshet 13.

Oron noted that Leumitech is accompanying many Israeli tech companies and helping them expand their operations overseas, and that Dubai is a significant potential destination for Israeli companies because of the processes that the UAE is undergoing.

“Dubai is becoming more technological, and less reliant on oil. Technology is the most important growth engine for the economy, but it is also an important engine for countries such as Israel and the Emirates. Technological development includes bringing talent, developing operations, and accelerating economic growth,” she said.

Oron was interviewed by CTech’s Ron Friedman and gave him her insight when asked what she had learned from these past three months since the Abraham Accords were signed. She noted something that she hadn’t realized before.

“At the beginning, we thought that cooperation with the UAE would include Emirati investments in Israeli startups and tech companies. Now we understand — including what we have heard this morning — that the local market actually wants a deeper and more mutual partnership. The Emirates don’t just want to invest in Israeli companies, and to see a return on that, they want complete, real, strategic cooperations, and mutual investments of Israelis in local companies here,” she said.