Israeli Prime Minister Benjamin Netanyahu said Tuesday that his country had signed its first cooperation agreement with the United Arab Emirates (UAE) in the areas of banking and finance to promote investment between the two countries.
The announcement comes almost three weeks after the two countries sealed a historic diplomatic deal. On Monday, the first direct commercial flight between Israel and the UAE landed in Abu Dhabi, carrying a delegation from the United States and Israel.
"I welcome the first understandings signed in Abu Dhabi," Netanyahu said. "These understandings will help us advance mutual investments and extensive cooperation. We will soon announce additional agreements in the fields of aviation, tourism, trade and more."
According to the Israeli Prime Minister, a joint Israeli-UAE committee will be set up to promote "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 formalized would also include agreements on tourism, technology, energy, health care and security, among other areas. A number of Israeli and Emirati businesses have already signed deals since the normalization deal was announced.
On Aug. 13, Israel and the UAE announced a U.S.-brokered agreement to establish diplomatic ties in return for Israel suspending a controversial plan to annex parts of the occupied West Bank.
The deal makes the UAE the first Gulf country to have diplomatic links with Israel. There has been widespread speculation about whether other Arab nations will follow suit. On Saturday, the UAE's ruler, President Khalifa bin Zayed Al Nahyan, issued a decree ending a law on the boycott of Israel.
