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Israel’s Bank Leumi and DP World sign MoU to enhance trade

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The deal involves accessing opportunities to develop port and logistics assets in Israel

Dubai-based port operator and supply chain company DP World has signed a Memorandum of Understanding (MoU) with Bank Leumi to enhance trade and logistics in Israel, media report said.

Under the terms of the deal, both parties will promote trade between Israel and the wider Arab region.

They will also access opportunities to develop ports or logistics assets in Israel.

In this context, President and chief executive officer at Leumi, Hanan Freidman told the media, “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 a good opportunity to partner with a world class operator to drive efficiency and trade in Israel and beyond.”

Last week, it was reported that DP World and Israel Shipyards are planning to jointly bid for Israel’s largest shipping port- Haifa Port.

DP World signed a Memorandum of Understanding (MoU) with Israel’s DoverTower that co-owns Israel Shipyards, with regard to the privatisation of Haifa Port on the Mediterranean.

The parties will also examine opening a direct shipping line between the UAE and Israel.

Last month, DP World announced the completion of a 400 meter extension of the Berbera Port in Somaliland.

The extension will increase the terminal’s capacity to 500,000 TEUs per year, according to the Dubai Port Company.

DP World tweeted, “We have just completed a 400m quay and a new extension at Berbera Port, Somaliland. Once operational, it will increase the terminal’s capacity by 500,000 TEUs per year and will further strengthen Berbera as a major regional trade hub servicing the Horn of Africa.”

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