Bank Leumi and Emirates NBD Bank have entered into preliminary discussions to forge partnership after UAE and Israel recently agreed to normalize diplomatic relationship, Bloomberg reported.

The landmark peace deal between the two countries has opened up opportunities for both the countries to partner up on various issues starting from security to trade.

On 13 August 2020, the countries officially announced that they have inked a US-brokered deal to begin the normalization of relations.

The potential partnership between Israel’s Bank Leumi and Dubai’s Emirates NBD will be the first banking pact after the peace deal, the report added.

However, no decisions have been made by the two companies yet.

Bank Leumi EVP and head of corporate and commercial Shmulik Arbel said: “We, at Leumi, believe there is a golden opportunity for collaborations here and we intend to be an active party.

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“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.

Additionally, the discussions regarding collaborations between various companies, from startups to airlines have also begun.

It is speculated that this peace accord could also influence other countries to follow suit on normalization.

Arbel added: “In light of the current crisis, the importance of normalizing the relationship between Israel and the UAE becomes even greater.

“This agreement opens up new doors not only to the business sector but to the general public as well.”

Upon signing the agreement with Israel, Sudan acknowledged the UAE for charting “the correct course for the rest of the Arab countries”.

Israeli Prime Minister Benjamin Netanyahu said that once they reach Abu Dhabi, the country will explore collaborations on tourism, trade, energy, health, and security.