DUBAI: The UAE wants to further increase its economic ties with Israel, expecting more than $1 trillion in value over the next decade, Bloomberg has reported citing Economy Minister Abdulla bin Touq.

The pair has signed 60 initial agreements since normalizing relations in 2020, and the Emirati minister said they are expecting more deals in the next two years.

“We have $600 million to $700 million dollars of bilateral trade happening; we have funds of billions of dollars that have been announced jointly between the two countries,” bin Touq said at a virtual conference from the US where he is leading a delegation.

The UAE is particularly looking at deals in security, energy, and food security.

“We are looking to create over $1 trillion dollars of economic activity over the next decade,” he added.

UAE normalized its relations with Israel in August last year, pushing other Arab countries to do the same, including Bahrain, Morocco, and Sudan.

The move was seen as part of the Emirates’ aggressive economic plans, as it veers away from oil-dependence – a common theme among oil-rich Gulf countries.