A major diplomatic meeting between Israel and Saudi Arabia is in the works, with agreements in a variety of areas expected to be signed, Globes reported on Sunday.

The meeting will focus on economic and security affairs, aviation, energy, technology, agriculture, and research and technology in medicine.

According to the report, in an unprecedented move, Saudi Arabia has been allowing Israeli businesspeople to enter the country in recent months after receiving special entry visas, mainly representatives of Israeli technology companies invited by the Saudis. Dozens of Israeli entrepreneurs have utilized the opportunity to fly to Riyadh, the kingdom’s financial center, as well as the futuristic city of Neom.

According to another Globes report, these visits have already resulted in two multi-million agri-tech deals as well as a water-tech deal.

“For over twenty years we’ve had an indirect connection with Saudi Arabia, but I don’t recall ever seeing a boom like the one we’ve had in recent months,” a source familiar with the matter told Globes.

Dr. Nirit Ofir, CEO of the Chamber of Commerce and Industry Israel-GCC (Gulf Cooperation Council), said that “what’s interesting is that it’s the private sector that is rapidly pulling ties forward. Businesspeople are not limited by diplomatic issues, and when personal interests and business interests come together – they move ahead.”

Dr. Ofir emphasized that unlike Israel’s ties with the United Arab Emirates, business transactions are being carried out between businesspeople in the private sector rather than between the two counties.

A Saudi source confirmed that Israeli-Saudi ties have been rapidly increasing. A senior Saudi official told Globes that the number of entry visa applications filed by Saudi business people for Israelis has swelled. He added that meetings between Saudi and Israeli entrepreneurs are also taking place in Dubai and Abu Dhabi in the UAE, as well as in Manama in Bahrain.

“The government here sees the possibilities inherent in this activity, which suits the plans and major reforms promoted by the Crown Prince,” the official said.

Foreign Minister Yair Lapid on Monday morning confirmed that Israel is working with the US and Gulf states on normalizing ties with Saudi Arabia, but warned it will be a long multi-step process and not a seemingly overnight surprise like the Abraham Accords.

(YWN Israel Desk – Jerusalem)