DP World and Bank Leumi to jointly explore Israel logistics investment
DP World, a global supply chain solutions provider, has signed a Memorandum of Understanding (MOU) with Israel’s oldest banking corporation, Bank Leumi, to enhance trade and logistics in Israel and promote the flow of trade between Israel and the wider region – October 6, 2020 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 to drive trade and greater job creation, according to a statement. Among the fields of the collaboration, it will be trade finance solutions to simplify working capital requirements for customers, the improvement of cargo flow and the digital solutions in end-to-end logistics to remove inefficiencies in the supply chain. “Working in partnership with a reputable financial institution such as Bank Leumi will enable us to better deliver our end-to-end solutions strategy,” stated the chairman and CEO of DP World, Sultan Ahmed Bin Sulayem. Bank Leumi is one of Israel’s largest banks and is actively working to help grow business ties between Israel and the United Arab Emirates (UAE). The bank’s chairman, Samer Haj Yehia, and the president and CEO, Hanan Freidman, have been visiting Dubai, with a large delegation of Israeli business leaders. The visit follows the normalisation of relations between UAE and Israel, said the announcement. “The new relationship between UAE and Israel brings opportunities to increase trade and prosperity in the region,” commented Sultan Ahmed Bin Sulayem. Leumi believes there is a big opportunity for collaboration between business in Israel and the UAE, according to Hanan Freidman, who considers that the partnership with DP World can “drive efficiency and trade in Israel and beyond.” PortSEurope Note: Last month, the UAE’s DP World and Israel Shipyards’ DoverTower subsidiary signed an agreement to cooperate in shipping and port activities. A joint bid to operate Haifa port is under consideration. Also in September, Israeli Prime Minister Benjamin Netanyahu and the foreign ministers of the United Arab Emirates and Bahrain signed agreements formalizing diplomatic relations between Israel and two Gulf Arab nations. this has led to further corporate agreements linked to improving commercial relations between the two countries. Further reading: Analysis – Israel to privatise Haifa Port, China invests, Washington concerned – March 2020 Source: DP World
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