Bank Leumi, Israel, and Dubai Ports World, announced today, Monday, a partnership agreement to boost trade between Israel and the rest of the Middle East.
Leumi (one of the largest banks in Israel) said - in a statement - that this includes possible financing for the development of the Israeli port sector.
For its part, DP World said - in a separate statement - that the memorandum of understanding includes simplifying working capital requirements in order to improve the flow of shipments and digital solutions for integrated logistics services to eliminate any shortcomings in supply chains.
The Chairman and CEO of Dubai Ports World, Sultan Bin Sulayem, said that the start of relations between the UAE and Israel paves the way for promoting trade movement and supporting the prosperity of the region.
Last week, Dubai Ports World - owned by the government - announced that it would partner with an Israeli group to compete for the management of one of the two main ports in Israel.
On September 15, Israel signed an agreement to normalize relations with the UAE and Bahrain in the American capital, Washington.
A Chronology of Economic Normalization
September 16, 2020: Dovertower, the Israeli company, and DP World, the UAE, sign several cooperation agreements in shipping and port activities.
September 15, 2020: Bank Leumi, Israel, signs two memoranda of understanding with First Abu Dhabi Bank and Emirates NBD.
September 14, 2020: Emirates NBD signs a cooperation agreement with Hapoalim, Israel's largest bank.
September 8, 2020: A delegation that includes businessmen and heads of leading banks in Israel visits Abu Dhabi, in an effort to conclude a number of agreements related to the financial and commercial aspect between Israel and the UAE.
September 1, 2020: First Abu Dhabi Bank begins cooperation talks with Israeli financial institutions, most notably Bank Hapoalim and Leumi, the two largest banks in Israel.
September 1, 2020: A cooperation agreement between the Abu Dhabi Investment Office and the "Invest in Israel" Foundation, to facilitate joint investments between the two sides.
August 31, 2020: The UAE Central Bank and the Office of Israeli Prime Minister Benjamin Netanyahu sign a cooperation agreement in the banking field.