Emirates: The UAE and Israel agreed on Tuesday, September 1, to set up a joint committee on financial services cooperation with the aim of promoting investment between the two countries

Abdulhamid Saeed, Governor of the UAE Central Bank, and Ronen Peretz, Director-General of the Israeli Prime Minister's Office, have signed a Memorandum of Understanding, MoU, for future cooperation in the banking and financial sector.

During a meeting held in Abu Dhabi, parties agreed to form working groups and bilateral committees to facilitate banking between the UAE and Israel. The MoU was signed in the presence of Meir Ben-Shabbat, National Security Adviser and Head of the Israeli National Security Council.

Israeli Prime Minister Benjamin Netanyahu said one focus of the MoU 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."

Meanwhile, the Abu Dhabi Media Office (Adio) said Abu Dhabi Investment Office and Invest in Israel, part of the economy ministry, have agreed on bilateral investment cooperation.

It said a first meeting was held and "lays the foundation to explore mutually beneficial areas of collaboration" that would focus on opportunities in innovation and technology.

"Enabling companies to establish and grow in Abu Dhabi, Adio aims to ensure Israeli firms can tap into Abu Dhabi's thriving business ecosystem," the statement said.