What is the Abraham Accord?

The Abraham accord is a treaty between the UAE and Israel, aiming to normalise relations between the two countries. The countries will fully normalize their diplomatic relations – they will exchange embassies and ambassadors and begin cooperation across the board and on a broad range of areas including tourism, education, healthcare, trade and security. Furthermore, the two countries will collaborate to enhance security against regional threats.

What are the opportunities for UAE businesses?

• Opportunities for new business, trade, and commercial links between UAE and Israel. Life sciences, pharmaceuticals, food security, financial services, tourism and travel, energy, as well as space, defence and security are ripe for new
business partnerships, as well as joint R&D and joint investments in both countries
• Working with Israeli companies on clean energy including solar thermal plants, batteries, smart power grids, biofuels and floating solar plants
• Israeli exports to the UAE at $300-$500 million a year
• UAE investments in Israel could reach $350m a year

Source: www.thenational.ae – reference Moody’s Investors
Service for trade figures.

How does making payments in Israeli Shekel (ILS) benefit UAE businesses?

• When paying in USD, even though the FX rates don’t change, the pricing of the goods on the invoices do as the local currency fluctuates and suppliers have to reprice USD invoices. This makes budgeting and managing costs more difficult, especially if the
currency is volatile
• Customers find that they are able to negotiate better pricing for goods when they opt to pay in local currency. Ebury is able to help with fixing rates through the use of forward contracts
• Supplier relationships are strengthened by making business more seamless for them

Where does Ebury fit in?

• Competitive pricing for buying and selling ILS
• Payments made via the SWIFT network and tracked using SwiftGPI
• Access to Ebury Online platform – manage your finances online at any time
• Hedging capabilities so that businesses can protect against currency fluctuations
• Local UAE presence and collection accounts
• Access to payments on Friday

ILS Currency Accounts and Collection Capabilities

At Ebury we have the capability to provide ILS currency accounts to clients. These are accounts in the clients own name and unique IBAN which can be used to receive payment from Israeli customers.

Benefits of holding an ILS currency account:

• Offer your clients a convenient way to pay you in their local currency, helping you win business
• Ensure transfers are always addressed to an account in your name
• Hold balances in ILS
• Access and manage your ILS funds online, anytime

We can provide you with the currency account within hours of becoming an Ebury client.

To find out more visit our website or get in touch with our team.