(September 6, 2020 / JNS) 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 on the heels of 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.