Paramount Group Booth at IDEX 2021.
UPDATED: Adds Comment Of Former Israeli Aerospace CEO
ABU DHABI: UAE-based Paramount Group Ltd. ADGM has opened offices in Israel, the company announced at IDEX today.
Back in September 2020, a joint peace deal was signed between Israel, the United Arab Emirates, Bahrain and the United States – known also as the Abraham Accords Peace Agreement – which includes a full normalization of the diplomatic relations between Israel and the United Arab Emirates.
The move will help customers and partners in the Middle East and the wider European markets to benefit from a direct and on-site point of contact through the company’s new branch.
UPDATE BEGINS The opening by a UAE company was expected, says Yossi Weiss, former president and CEO of Israeli Aerospace Industries.
“This company wants to be close to the Israeli defense industries and to the decision makers. They see a big potential in Israel, especially for joint ventures; and that is the reason for opening the office,” Weiss said. UPDATE ENDS
“Paramount announced during IDEX that it will be strengthening its presence across the Middle East in direct response to the signing of the Abraham Accords,” Clifford Dewell, senior vice president of Paramount Group told Breaking Defense. “This comes at a historic moment as the geopolitical landscape is shifting and the region is starting to speak with one voice.”
The Abraham Accords are expected to open many possibilities, heralding a new era of trade between UAE and Israel.
“The trade is forecasted to reach $4 billion in three years,” Dewell said. “With the removal of trading restrictions manifested by the Abraham Accords, it is expected that business connections will be formed, joint ventures will be created and economic cooperation will be fostered.”
Arie Egozi, our correspondent in Tel Aviv, contributed the former IAI CEO’s comment from Israel.
