Israel and the United Arab Emirates are looking to strengthen trade ties after the two normalised relations last month.
DP World's Jebel Ali Free Zone and the Federation of Israeli Chambers of Commerce (FICC) agreed on Friday to a memorandum of understanding that will see the sides foster ties between the countries with the aim of boosting trade.
Since Israel and the UAE agreed to establish diplomatic relations on 15 September, there has been a flood of initiatives to open trade, energy, insurance and other activities between the two nations.
DP World chairman and chief executive Sultan Ahmed Bin Sulayem said his firm welcomed the "trailblazing move".
"The establishment of direct ties between two dynamic and advanced economies in the Middle East will undoubtedly provide impetus to economic growth, transforming the business landscape in the UAE," he said.
"Israel has phenomenal innovation and technological capabilities, whereas the UAE holds a prime position in the world of global trade and is one of the greatest business hubs in the world."
FICC president Uriel Lynn called the deal historic and "an example of what can be achieved in our world if two countries are bent on creating more prosperity for their people".
"Trade ties will definitely benefit both sides as Israel and the UAE have an enviable list of achievements and great potential, and we hope to utilise this prowess to boost growth," he said.
The agreement with the FICC comes a little more than a week after DP World announced it was launching a bid for the port of Haifa along with Israeli firm DoverTower, which already has stakes in Israel Shipyards and the Red Sea port of Eilat.
DP World also said it would explore opportunities with Israel Shipyards via its subsidiary —Drydock World — on building vessels and manufacturing industrial products.
