Navigation data showed the arrival of a huge Emirati cargo ship to the port of Eilat, southern Israel, which is the first cargo ship to arrive at the port from the Arabian Gulf in more than 15 years, carrying about 4 thousand tons of iron.
The Israeli newspaper Yediot Aharonot stated that the arrival of the ship “PS VALLETTA”, which flies the flag of Malta, to the port of Eilat was to avoid the long waiting in the ports of Ashdod and Haifa, central and northern Israel, due to severe congestion in them.
In 2020, the UAE and Israel reached a historic agreement to normalize relations with US mediation, making it the third country to normalize relations with Israel after Egypt (1979) and Jordan (1994), and since then dozens of agreements have been signed between Israeli and Emirati companies and governmental and private institutions.
The normalization agreement includes economic clauses represented in the direct investment of the UAE in Israel, and the signing of bilateral agreements related to the sectors of tourism, security, communications and technology, as well as investment in the sectors of energy, water, health care, culture and the environment.
Tel Aviv and Abu Dhabi signed a joint agreement to encourage investments between the two countries, and the agreement granted incentives to investors, providing them with protection and tax exemption, guaranteeing their money and the value of their investments if any development and political change took place, with the aim of strengthening trade relations, developing cooperation and economic exchange, encouraging competition and attracting investments between the two countries.