Israel and the United Arab Emirates agreed on Tuesday to set up a joint committee on financial services cooperation with the aim of promoting investment between the two countries, an Israeli statement said.
Israeli and UAE officials meeting in Abu Dhabi signed the understanding, Israeli Prime Minister Benjamin Netanyahu said in the statement.
One focus, Netanyahu said, would be on "cooperation in the field of financial services and removing financial barriers for making investments between the countries, as well as promoting joint investments in the capital markets."
Watch: “There is no limit to the cooperation that can happen between [the UAE and Israel] in the fields of science, innovation, health, aviation, agriculture, and many others,” Israeli National Security Adviser Meir Ben-Shabbat says in Abu Dhabi. https://t.co/trV4Ji11nb pic.twitter.com/37Qiyd8NYO— Al Arabiya English (@AlArabiya_Eng) August 31, 2020
The countries will also collaborate in banking services and payment regulations, he said.
Israeli officials have been quick to play up the economic benefits of the accord, which once formalised would also include agreements on tourism, technology, energy, healthcare and
security, among other areas.
A number of Israeli and Emirati businesses have already signed deals since the normalisation deal was announced.