JERUSALEM- Israel's Harel Insurance Group said on Wednesday it signed a deal with Dubai Insurance Co to provide insurance services in both Israel and the United Arab Emirates.

Harel said it was the first agreement forged with the UAE insurance sector in the wake of the countries agreeing to establish bilateral diplomatic and trade ties last month that officials have said will create significant economic opportunities. 

The deal was reached last week when Harel officials met their Dubai Insurance counterparts in Dubai.

Harel said the cooperation will enable its customers to receive insurance services -- business, health and for marine and air trade -- in the UAE while UAE citizens will be able to receive the same services in Israel.

(Reporting by Steven Scheer; Editing by Tova Cohen) ((steven.scheer@thomsonreuters.com; +972 2 632 2210; Reuters Messaging: steven.scheer.thomsonreuters.com@reuters.net; Twitter: @StevenMScheer))