The United Arab Emirates is hoping that, among other benefits, the agreement to normalize its relations with Israel will bring succour to the Gulf nation’s economy, hit hard by declining oil revenues and the coronavirus pandemic.
Indeed, Emirati Economy Minister Abdulla bin Touq Al-Mari is expecting as much as $550 million in new business deals for the UAE as a result of the peace deal, including through joint Israel-UAE solar power projects as the country seeks to reduce its dependence on the oil sector.
Al-Mari has good reason to be hopeful that the deal may usher in a fresh wave of prosperity for the Emirates and Israel alike.
With the agreement, the UAE has certainly created many new economic opportunities and diversified its trade partners away from the Arab world, not to mention currying favor with Washington.
At the same time, the recent FinCEN leaks have only confirmed that the UAE still has significant shortcomings regarding the robustness of its financial good governance which could serve as a dealbreaker for potential partners in Israel.