First Israeli-Emirati banking deal since news of normalization

As part of the normalization of relations between Israel and the Emirates, the flagship banks of the two countries, Hapoalim and Emirates NBD, have signed an agreement of opening up new possibilities for their customers.

Emirates NBD, the second-largest bank in the United Arab Emirates, announced on Monday (September 14th) that it had signed a memorandum of understanding with Israel’s main bank, Hapoalim, on the eve of the signing of the agreement to normalize relations between the two countries, AFP said.

“The agreement will be a valuable opportunity for our clients to do business, to improve our position as a banking partner for companies in all countries and regions where our activities are located,” said Shayne Nelson, the managing director of Emirates NBD, in a statement from the government of Dubai.

“The agreement with a leading bank in the United Arab Emirates is an important achievement that will allow Israeli clients to deal directly with that country and subsequently with other countries,” said Dov Kotler, CEO of Bank Hapoalim, cited in the press release.

Establishment of diplomatic reports

A delegation of Israeli businessmen and bankers arrived in Dubai last Tuesday for the first such visit since the August 13th announcement of an agreement to normalize relations between Israel and the United Arab Emirates.

Israel is due to sign on Tuesday in Washington the agreements to normalize its relations with the United Arab Emirates and Bahrain, officially establishing diplomatic relations between the Jewish state and the two Gulf countries.

Egypt and Jordan signed peace treaties with Israel in 1979 and 1994, respectively.