Israel, UAE will cooperate on financial services: Israeli statement

Israel and the United Arab Emirates agreed on Tuesday to set up a joint committee to cooperate on financial services, aiming to promote investment between the two countries, an Israeli statement said.

An Israeli delegation is in Abu Dhabi on a historic trip to finalise a pact marking open relations between Israel and the Gulf state.

Representatives from both countries signed the understanding, Israeli Prime Minister Benjamin Netanyahu said in the statement.

One focus, Netanyahu said, 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."

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 formalised would also include agreements on tourism, technology, energy, healthcare and security, among other areas.

A number of Israeli and Emirati businesses have already signed deals since the normalisation deal was announced.