Israel, UAE to Cooperate on Financial Services, Investment

Israel and the United Arab Emirates signed their first cooperation agreement in Abu Dhabi on Tuesday – a memorandum of understanding in the area of finance and investment. An Israeli delegation arrived Monday in the UAE capital to finalize a pact marking open Israeli-Emirati relations. The UAE central bank, Israeli Finance Ministry and Israeli financial regulators agreed to establish a joint committee with the aim of promoting financial services cooperation and investment between the two countries. The countries will remove obstacles to investments between them, promote joint capital market investments, and collaborate in banking services and payment regulations. Also, the state-run Abu Dhabi Investment Office (ADIO) and Invest in Israel, part of the Economy Ministry, agreed to draw up a plan for formal cooperation between them, with a focus on innovation and technology, they announced in a joint statement. The Israeli-Emirati accord is to include agreements on tourism, technology, energy, health care and security, among other areas.