Executives from Israel’s two largest banks are scheduled to head to the United Arab Emirates in the coming days to enhance business ties with their counterparts in the Gulf state.

A delegation from Bank Hapoalim, led by CEO Dov Kotler, plans to travel to the UAE on Tuesday, and a separate group from Bank Leumi, led by chairman of the board Samer Haj Yehia, is set to arrive there next week, Globes reported on Sunday.

According to the report, Bank Hapoalim’s Sept. 8 trip will constitute the first-ever official Israeli trade delegation to the UAE, which comes after the Sept. 1 signing of a memorandum of understanding in banking and finance between Jerusalem and Abu Dhabi.

“Recent diplomatic developments represent a unique opportunity to establish relations and economic cooperation between the countries and between their financial systems, which will result in economic growth for both sides,” said Kotler.

During their stay, the report noted, Kotler and accompanying business people will meet with bankers and senior government figures in Dubai and Abu Dhabi, “to establish direct connections and check out the possibility of joint ventures for investment in such areas as water desalination and solar energy.”

The UAE Central Bank, the Israeli Finance Ministry and relevant financial regulators in Israel agreed last week to lower financial impediments to investment, further cooperation in banking services and create the conditions for joint investments that satisfy international standards regarding money laundering and terrorism financing.

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