ABU DHABI — Israel and the United Arab Emirates agreed on Tuesday to set up a joint committee to cooperate on financial services, aiming to promote investment between the two countries.

Governor of the UAE Central Bank Abdulhamid Saeed Alahmadi and Director-General of the Israeli Prime Minister's Office Ronen Peret signed a memorandum of understanding in this regard. The MoU was signed in the presence of Meir Ben-Shabbat, National Security Adviser and Head of the Israeli National Security Council, the UAE's state news agency WAM reported.

"To this end, the sides will discuss advancing cooperation in financial services and lowering financial impediments to making investments between the countries and promoting joint investments in the capital markets," the Israeli Prime Minister's Office said in a statement.

Cooperation in banking services and payment regulations will be discussed too.

The new protocol follows a US-brokered agreement to normalize relations between the UAE Israel, which was announced on Aug. 13. — Agencies