DP World has signed a memorandum of understanding (MoU) with Israeli corporation Bank Leumi to work together to enhance trade and logistics in Israel and promote the flow of trade between Israel and the wider region.
In a statement DP World said the MoU includes a framework for collaboration which will enable the parties to explore potential opportunities including the development of ports and logistics assets in Israel.
The objective of the agreement is to drive trade and greater job creation, as well as trade finance solutions to simplify working capital requirements for customers improve flow of cargo. It will also explore digital solutions in end-to-end logistics to remove inefficiencies in the supply chain.
Bank Leumi is one of Israel’s largest banks and is actively working to help grow business ties between Israel and the UAE. Its Chairman, Samer Haj Yehia, and the bank’s President and CEO, Hanan Freidman, have recently visited Dubai following the normalisation of relations between UAE and Israel.
Sultan Ahmed Bin Sulayem, Chairman and CEO of DP World said: “The new relationship between UAE and Israel brings opportunities to increase trade and prosperity in the region. Working in partnership with a reputable financial institution such as Bank Leumi will enable us to better deliver our end-to-end solutions strategy.
“At DP World we are actively working on opportunities to enable trade, for the benefit of the people of the UAE and the Middle East.”
Hanan Freidman, President and CEO of Leumi said: “We at Leumi believe there is a golden opportunity for collaboration between business in Israel and the UAE, and we intend to be an active party.
“In DP World, we believe there is great opportunity to partner with a world class operator to drive efficiency and trade in Israel and beyond. In that perspective, we will be there for our customers to enable them to fulfil the potential business opportunities, by providing them with the appropriate financial services”.