UAE and Israel hold ‘financial dialogue’ meeting in bid for closer economic ties

UAE and Israel hold ‘financial dialogue’ meeting in bid for closer economic ties
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Updated 12 January 2023

UAE and Israel hold ‘financial dialogue’ meeting in bid for closer economic ties

UAE and Israel hold ‘financial dialogue’ meeting in bid for closer economic ties

RIYADH: The UAE has held its first financial dialogue meeting with Israel in a bid to boost cooperation ties and encourage innovation between the two countries, according to the news agency WAM.

The virtual meeting saw discussions around financial services developments, cyber-financial cooperation, and opportunities and potentials for cooperation between the two countries at regional and global levels, such as the World Bank and the Financial Action Task Force.

Younis Haji Al Khoori, under-secretary of the Ministry of Finance, headed the UAE delegation, while the Israeli side was led by Shira Greenberg, chief economist and director of state revenue, research, and international affairs from the country’s Ministry of Finance. 

The meeting came a week after a visit by Israeli Prime Minister Benjamin Netanyahu to the UAE was canceled by the Gulf state after Israel’s National Security Minister Itamar Ben-Gvir visited the Al-Aqsa Mosque complex.

Saudi Arabia led condemnation following the Jan. 3 visit, stressing the need to preserve the status quo of Islam’s third holiest site.

Netanyahu’s visit to the UAE, scheduled for Jan. 8, was canceled, with the country joining China in calling for the convening of a UN Security Council meeting to discuss Israel’s moves over Al-Aqsa.

Speaking at the opening of the financial dialogue meeting, Al Khoori said the platform is a testament to the strength of the relationship between both countries. 

He went on: “The topics we discussed today is of great importance to both of our countries, given our shared positions as regional investment hubs and our aligned strategic objectives of encouraging innovation in our countries. 

“The UAE-Israel Financial Dialogue brings together the ministries of finance and central banks, as we believe it is important to keep an open dialogue between both countries to discuss issues that impact our financial systems and potential areas of bilateral and regional cooperation.”

Al Khoori also mentioned that the recently signed Comprehensive Economic Partnership Agreement between the UAE and Israel will further solidify the bilateral relations between both countries and create new opportunities to develop priority sectors such as agri-tech, renewable energy, and advanced technology.

Al Khoori added: “In the UAE, and in-line with the global development agenda, we are actively exploring avenues to promote sustainable finance, which is an important strategic objective for the UAE as we seek to integrate global efforts within this area as part of our preparation for hosting COP28 this year.”