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Israel-South Korea free trade deal to take effect December 1

A free trade agreement between Israel and South Korea will go into effect on December 1, Israel’s economy ministry said on Wednesday, in a move expected to lower the prices of Korean-made cars, toys, video game consoles and soy sauce. The agreement was ratified by Korea’s parliament on Tuesday. The ministry estimated that it would […]

Minister of economy and industry of Israel, Orna Barbivai, and minister of industry and commerce of the Kingdom of Bahrain, Zayed bin Rashid Al-Zayani, during their meeting in Manama

Bahrain and Israel start free trade agreement talks

Israel and Bahrain have begun negotiating a free trade agreement, Israel’s Economy Ministry said on Tuesday. Israel normalised diplomatic relations with Bahrain and its Gulf neighbour the United Arab Emirates (UAE) two years ago under US sponsorship. While economic ties with the UAE has since taken off, Israel’s trade with Bahrain has lagged far behind. […]

Israel’s El Al will begin Tel Aviv to Tokyo flights in March

El Al Israel Airlines will start direct flights from Tel Aviv to Tokyo next March, it said on Monday – two years after the launch was delayed because of the Covid-19 pandemic. Israel’s flag carrier has been looking to expand eastbound flights since its second-quarter results showed a rebound from the slump in travel during […]

Israel inflation dips to 4.6% in August 2022

Israel’s annual consumer price index (CPI) of inflation dipped to a 4.6 percent rate in August, the Central Bureau of Statistics said on Thursday, easing from a 14-year high of 5.2 percent in July and after aggressive Bank of Israel rate hikes in recent months. A Reuters poll of analysts had projected an inflation rate […]

Person, Human, Chair

Israel’s $15bn Rapyd aiming to acquire Gulf fintech startups

Rapyd, Israel’s highest-valued unicorn, is eyeing financial technology acquisitions in the Middle East and North Africa as it seeks to capitalise on the challenging business environment for startups. As the US Federal Reserve continues to hike interest rates in an effort to curb rising inflation, the prospect of a worldwide recession dominates concerns, particularly among […]

From left, Bahrain's minister of foreign affairs Dr Abdullatif bin Rashid Al-Zayani, Israeli prime minister Benjamin Netanyahu, US president Donald Trump and UAE minister of foreign affairs Abdullah bin Zayed Al Nahyan sign the Abraham Accords on September 15 2020

Abraham Accords: The $3bn trade deal that shocked the world

Two years after the signing of the historic Abraham Accords, the UAE and Israel are on track to see $3 billion worth of bilateral trade this year. The success of the relationship – kickstarted by the agreement signed by the Emirati and Bahraini foreign ministers, the Israeli prime minister and US president on the South […]

Nature, Grassland, Field

Israel, Guatemala sign free trade agreement

Israel and Guatemala on Thursday signed a free trade agreement that will include industry, food and agriculture goods, the Israeli Economy Ministry said. The ministry said the agreement will come into effect once it receives final ratification in Guatemala and Israel, whose trade reached $40 million in 2021 – an 11 percent rise from 2020. […]

Tel Aviv bourse head seeks more bilateral investing with UAE

The head of Israel’s stock exchange on Tuesday called for increased investment from Israeli and Emirati investors in each other’s exchanges to boost liquidity. Two years after the so-called Abraham Accords, which saw relations normalised between Israel, Bahrain, the United Arab Emirates (UAE) and Morocco, a number of economic, trade and financial agreements between Israel […]

Airplane, Vehicle, Transportation

Israel’s El Al to resume Hong Kong flights after curbs eased

El Al Israel Airlines said on Monday it would resume non-stop flights to Hong Kong in February after halting them at the outset of the COVID-19 pandemic in 2020. Israel’s flag carrier said that in the wake of authorities in Hong Kong easing restrictions and allowing the entry of tourists, it would operate three weekly […]

Israel to buy four Boeing air force refuelling tankers for $927m

Israel will buy four Boeing Co KC-46A refuelling tankers for its air force, the Israeli government and the US defence contractor said on Thursday, a $927 million deal with delivery of the first planes expected in 2025. The tankers would replace the decades-old, repurposed Boeing 707s that Israel currently uses for mid-air refuelling and may […]

Israel makes strongest rate hike in 20 years to cool inflation

The Bank of Israel raised its benchmark interest rate on Monday by three-quarters of a percentage point, its biggest hike in two decades, and appeared on track for further increases as it tries to rein in inflation that has topped five percent. The central bank lifted its key rate to two percent from 1.25 percent, […]

Strong Israel GDP and inflation may lead to 75 bps rate hike

A sharp rebound in Israel’s economic activity and a jump in annual inflation have made a 0.75-point interest rate increase more likely next week, analysts said on Tuesday. The central bank had looked headed for a second straight half-point move at its upcoming August 22 policy meeting, but data showed stronger than expected economic growth […]

Israel inflation rate jumps to new 14-year high of 5.2% in July

Israel’s annual consumer price index (CPI) rose to a higher than expected rate of 5.2 percent in July, the most since October 2008 and following a 4.4 percent rate in June, as more aggressive interest rate hikes loom and keep the soaring cost of living centre stage ahead of an election in November. A Reuters […]

Korean Air to resume flights to Israel in January

Korean Air Lines will resume non-stop flights to Israel in January with a Seoul to Tel Aviv route, Israel’s Tourism Ministry said on Thursday. Korean Air, which stopped its flights to Israel due to the outbreak of the coronavirus pandemic in 2020, will operate three weekly flights on the route, it said. The ministry noted […]

Britain launches free trade talks with Israel following Brexit

Britain has launched free trade talks with Israel, aimed at boosting service and tech sector ties as it seeks new deals after leaving the European Union. The current trade deal between the two countries is based on an old EU deal that has no specific provisions on services, Britain said, adding that the trading relationship is currently worth $6 billion a year. “The UK and Israel are […]

Person, Human, Military

Israeli general makes first visit to Morocco to explore defence deals

The chief of Israel’s armed forces is visiting Morocco in the highest-profile military engagement between the countries, which upgraded ties in 2020 under a US diplomatic drive. Lieutenant-General Aviv Kochavi’s trip on Monday has been presented by Israel as part of emerging defence cooperation with the North African country, but Rabat has also been trying […]

President Joe Biden in Jeddah

Biden boosts relations but fails to move the dial

The president hoped to reset Washington’s relationship with the Middle East last weekend. In this in-depth analysis, AGBI explores how he performed on Israel, Iran, human rights and oil President Joe Biden’s whirlwind tour of the Middle East sought to reinforce America’s commitment to the region after several years of disengagement. In a speech to […]

Airplane, Aircraft, Transportation

Israel to boost Asia flights when Saudi Arabia opens airspace

Israeli airlines plan to expand and open new routes to India and other Asian destinations after Saudi Arabia announced it would allow unfettered access to its airspace, a move that would save fuel costs and reduce flight times. In the absence of open relations between the countries, however, and given talks on including Oman in […]

US president Joe Biden and Israeli prime minister Yair Lapid attend the first virtual meeting of the I2U2 group with leaders of India and the United Arab Emirates

I2U2: America’s answer to curbing China and upping food security

Israel, India, the US and the United Arab Emirates came together on Thursday for an historic meeting as the “I2U2” collective. The futuristic name refers to the first letters of the four countries. US president Joe Biden and Israel’s prime minister, Yair Lapid, lent the initiative a maiden boost, joining a four-way call in Jerusalem […]