Israeli media, citing unnamed security sources, reported that Zvi Kogan - who has been missing since noon on Thursday - may have been kidnapped.
The Israeli prime minister's office on Saturday night acknowledged Kogan's disappearance, without elaborating.
His disappearance comes as Iran has been threatening to retaliate against Israel after it launched a strike in October hitting sensitive military bases in the country.
Iran twice has launched missile attacks on Israel amid the Israel-Hamas war in the Gaza Strip and the Israeli ground offensive in Lebanon.
Emirati officials did not immediately respond to a request for comment on Saturday.
State-run media in the UAE, an autocratic federation of seven sheikhdoms on the Arabian Peninsula and home to Abu Dhabi and Dubai, did not immediately report the incident.
Local Jewish officials in the UAE declined to comment.
"Since (Kogan's) disappearance, and against the backdrop of information that this was a terrorist incident, an extensive investigation has been opened in the country," the prime minister's office said.
"Israeli intelligence and security agencies are working continuously out of concern for the well-being and safety of Zvi Kogan's.
The UAE diplomatically recognised Israel in 2020.
In the time since, Israelis have come to the UAE to set up businesses and for holidays.
Emirati airlines have been a key link for Israel to the rest of the world as other carriers have stopped flying to Ben Gurion International Airport in Tel Aviv amid the wars.
The UAE also has a burgeoning Jewish society, with synagogues and businesses catering to kosher diners.
However, the Middle East wars have sparked deep anger among Emiratis, Arabs and others living in the UAE.
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