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Israel & UAE Banks Seek Partnership Amid Normalization

Israel's Bank Leumi has been negotiating a partnership with an unnamed bank in the United Arab Emirates (UAE), according to a Calcalist report on Wednesday, citing Shmulik Arbel, First Executive Vice President and head of the corporate and commercial section of the bank.

The report comes amid the recent UAE-Israel normalization agreement that has opened both countries to relations in a variety of areas, from security collaboration to trade.

“We started negotiations over the past few days with one of the leading banks in Dubai, to form a partnership that would assist the clients of each of the banks,” Arbel added.

When asked about the significant business ties that can come from collaboration, Arbel told Calcalist “that in light of the current crisis, the importance of normalizing the relationship between Israel and the UAE becomes even greater," while also suggesting that the normalization agreement represents a highly important breakthrough in the regional status quo for Israel's economic interests. (JPost / VFI News)

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