The Dubai International Financial Center (DIFC) and Israel’s Bank Hapoalim have agreed to cooperate across financial services activities, the Dubai Media Office said in a statement on Saturday.
“Bank Hapoalim will become part of DIFC’s global network of banks, financial centers, regulators and companies,” the statement said.
The agreement creates a framework for both organizations to forge cooperation across financial services activities.
#Dubai International Financial Centre (DIFC) signs agreement with Bank Hapoalim, one of Israel’s largest banks. The agreement creates a framework for both organisations to forge cooperation across financial services activities. https://t.co/cgaODU57ao pic.twitter.com/AD4sxJ42N8— Dubai Media Office (@DXBMediaOffice) November 21, 2020
Commenting on the agreement, Arif Amiri, Chief Executive Officer of DIFC Authority said “Our partnership provides Bank Hapoalim with access to the most developed, broad and deep financial ecosystem in the region, allowing them to capitalize on the most lucrative banking, capital markets, asset management, innovation and FinTech opportunities available,” according to a statement carried by Dubai Media Office.
Dov Kotler, CEO of Bank Hapoalim said that the agreement is an “important milestone,” adding that it will provide “Israeli FinTech entrepreneurs with a gateway to the dynamic and vibrant Dubai ecosystem, and help foster cross-border innovation,” read the statement.
It is worth mentioning that the United Arab Emirates and Israel reached a historic peace deal last August that US President Donald Trump helped broker.