UAE's largest banking group signs first deal with Israel
UAE-Israel peace agreement
The National Bank of Dubai, the largest banking group in the emirate, signed a memorandum of understanding Monday with Israel's Bank Hapoalim, on the eve of the UAE-Israel normalisation accord signing.
"It is a great honour to be the first bank to sign such an agreement that will contribute to the establishment of the relationship between the two countries," Bank Hapoalim’s CEO, Dov Kotler, said in a statement issued by NBD.
It said the MoU was "part of a broader engagement between the UAE and Israel to further peace, dialogue and stability and establish cooperation to promote sustainable development".
The President of the United Arab EmiratesKhalifa bin Zayed Al Nahyan had scrapped an economic boycott against Israel, allowing trade and financial agreements between the countries.
Israel and the UAE said on August13 they would normalise diplomatic relations in a deal brokered by USPresident Donald Trump that reshapes the order of Middle East politics from the Palestinian issue to the fight against Iran.
Both the UAE and fellow Gulf state Bahrain willsign normalisation accords with Israel on September 15 in Washington.
Israeli Prime Minister Benjamin Netanyahu had said on Sunday thedeal establishing relations between Israel and Bahrain will result in direct flights between the countries.
The Bahrain deal, announced on Friday, followed a similar accommodation between another Gulf power, United Arab Emirates, and Israel and resulting pledges of direct air connections.