DP World and Bank Leumi signed an accord to explore potential opportunities in the logistics sector as the United Arab Emirates and Israel normalise relations.

The memorandum of understanding includes a framework for collaboration in developing ports and logistics assets in Israel, and trade finance and digital solutions, Dubai-based DP World said in a statement.

The UAE and Bahrain last week signed agreements to move toward establishing normal ties with Israel, setting in motion a potentially historic shift in Middle East politics.

DP World, one of the world’s largest port operators, last week said it plans to make a joint bid for Israel’s Haifa Port.

Also read: DP World, Israel Shipyards weigh joint bid for Haifa port