Israel and the United Arab Emirates on Tuesday signed the first protocol in banking and finance between the two countries.

Ronen Peretz, acting director of the Israeli Prime Minister’s Office, and UAE Central Bank Governor Abdulhamid Saeed signed the agreements in Abu Dhabi, according to a statement from the Prime Minister’s Office.

Peretz is a member of the U.S. and Israeli delegation that traveled to the UAE on Monday in the first direct commercial flight between the two countries. The goal of the visit is to advance the normalization agreement between the two countries, which was first announced on Aug. 13.

The UAE Central Bank, the Israeli Finance Ministry and relevant financial regulators in Israel have agreed to set up a joint Israel-UAE committee to advance cooperation in finances and investments, according to the statement. The two sides will discuss lowering financial impediments to investment, advancing cooperation in banking services and payments regulations and how to create the conditions for joint investments that satisfy international standards regarding money laundering and financing terrorism.

Israeli Prime Minister Benjamin Netanyahu said on Tuesday that more understandings between the two countries would be announced shortly.

“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 Netanyahu.

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