Israel, UAE will cooperate on financial services: Israeli statement

[September 01, 2020] JERUSALEM (Reuters) - Israel and the United Arab Emirates agreed on Tuesday to set up a joint committee to cooperate on financial services, aiming to promote investment between the two countries, an Israeli statement said.

Israeli Prime Minister Benjamin Netanyahu and Senior U.S. Presidential Adviser Jared Kushner (not pictured) make joint statements about the Israeli-United Arab Emirates peace accords in Jerusalem, August 30, 2020. Debbie Hill/Pool via REUTERS

An Israeli delegation is in Abu Dhabi on a historic trip to finalise a pact marking open relations between Israel and the Gulf state.

Representatives from both countries 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."

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.

(Writing by Jeffrey Heller; editing by Ari Rabinovitch, Larry King)

[© 2020 Thomson Reuters. All rights reserved.]

Copyright 2020 Reuters. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.  Thompson Reuters is solely responsible for this content.