Israel’s Bank Hapoalim announced on Monday that it had signed an agreement with Emirates NBD, the largest bank in Dubai.

Bank Hapoalim said in a statement that its CEO, Dov Kotler, led a delegation to the United Arab Emirates last week and met with leading business figures, AP reported. The two countries signed a banking and finance memorandum of understanding earlier this month.

Kotler said that the agreement will allow Israelis to do business in the UAE and other countries.

According to the report, Emirates NBD CEO Shayne Nelson said that the deal “will open new business and trade opportunities for our clients and further enhance our leading position as a trusted banking partner to businesses across the MENAT [Middle East, North Africa and Turkey] region.”

Israeli Prime Minister Benjamin Netanyahu arrived in Washington, D.C., on Monday, where he and the foreign ministers of the UAE and Bahrain are to formally establish diplomatic relations on Tuesday.

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