The top official of a major Israeli bank has attended an economic forum in Saudi Arabia, possibly symbolizing a thaw in ties between the two countries, which have no diplomatic relations.

Samer Haj-Yehia, chairman of Bank Leumi's board of directors, spoke at a session of the Future Investment Initiative in Riyadh.

The gathering ended on Thursday, and is one of the economic initiatives promoted by Crown Prince Mohammed bin Salman.

Haj-Yehia said Saudi Arabia's economy has huge potential, partly because gross domestic product is growing at one of the fastest paces in the world.

In recent years, signs have emerged that relations between Israel and Saudi Arabia are improving, despite years of confrontation over the Palestinian issue.

Analysts say Saudi Arabia is seeking to diversify its industries by gaining Israeli business expertise in IT, the environment and other fields.

They add that Israel, meanwhile, is trying to bolster ties with Saudi Arabia to deal with threats from Iran.