Business
First Protocol of Understandings has been Signed between Israel and the UAE on Cooperation in Banking and Financial Services
Johnny Kim (SNN, Jerusalem ) - Prime Minister Benjamin Netanyahu, today (Tuesday, 1 September 2020) welcomed the first Protocol of Understanding between Israel and UAE on cooperation in banking and financial services.
"I welcome the first understandings that have been signed in Abu Dhabi. These understandings will assist us in advancing mutual investments and widespread cooperation. We will soon announce additional agreements in aviation, tourism, trade and others," said Prime Minister Natanyahu.
Earlier today, Prime Minister's Office Acting Director General Ronen Peretz and United Arab Emirates Central Bank Governor Abdulhamid Saeed signed the first protocol in banking and finances.
The Central Bank of the United Arab Emirates, the Finance Ministry and the relevant financial regulators in Israel have reached the following understandings: A joint Israel-UAE committee will be established to advance cooperation in finances and investments.
To this end, the sides will discuss advancing cooperation in financial services and lowering financial impediments to making investments between the countries and promoting joint investments in the capital markets.
The sides will also discuss advancing cooperation in banking services and payments regulations. The sides will establish special working groups in order to create the conditions for joint investments that meet international standards including in the struggle against money laundering and financing terrorism.
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