First Abu Dhabi Bank (FAB) is set to open discussions Israel's Bank Hapoalim and Bank Leumi, following the signing of a MoU between the UAE Central Bank and the Israeli Prime Minister’s Office.

"The discussions will look to establish banking relationships that will strengthen financial and economic cooperation between UAE and Israel, focusing on correspondent banking, bilateral trade, and technology and innovation," FAB said in a tweet.

Both the UAE and Israel have started normalising relations. A joint committee has been set up to cooperate on financial services, aiming to promote investment between the two countries. For the first time an Israeli delegation is in Abu Dhabi to finalise deals that would open relations between both the countries.

According to state news agency WAM, The Abu Dhabi Investment Office (ADIO) and Invest in Israel are exploring areas of collaboration to unlock investment and partnership opportunities for companies in Israel and Abu Dhabi with a strong focus on innovation and technology.

(Writing by Seban Scaria; editing by Daniel Luiz)

(seban.scaria@refinitiv.com)

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