- HONEST REPORTING - Sep 08, 2020 -
The United Arab Emirates is reportedly planning to send its first official delegation to Israel on September 22; this, following last month’s US-brokered normalization agreement between Jerusalem and Abu Dhabi. It would come on the heels of last week’s monumental trip to the UAE by top US and Israeli officials. Leaders of the Gulf state are expected to finalize the details of the prospective visit after a date is set for the formal signing of the accord that will likely take place at the White House.
Meanwhile, the deal – which will reportedly be granted the same status as Israel’s peace agreements with Egypt and Jordan – is liable to have a significant economic impact, with Israeli Intelligence Minister Eli Cohen predicting that bilateral trade between the Jewish and Sunni states will reach $4 billion. The UAE has has already scrapped its longstanding boycott of Israel and officials from the two nations are currently exploring cooperation in the fields of defense, energy, medicine and tourism.
With respect to finance, the heads of Israel’s two largest banks are slated to lead separate missions to the United Arab Emirates later this month. Jerusalem and Abu Dhabi recently signed their first formal memorandum of understanding related to banking that included a commitment to preventing the funding of terrorism.