Bilateral trade expected to boom in coming months
The UAE joins Jordan and Egypt in normalizing ties with Israel. According to a report by WAM news agency UAE President Sheikh Khalifa bin Zayed Al-Nahyan has issued a federal decree "abolishing the Federal Law No. 15 of 1972 regarding boycotting Israel and the penalties thereof".
The countries are likely to send ambassadors and open more direct commercial ties in the near future.
The new decree enables Israeli firms and individuals to do business in the UAE and legalizes the purchase and trade of Israeli goods.
Israel's flagship carrier El Al's first commercial flight to the UAE is expected to land in Abu Dhabi tomorrow with US and Israeli officials including President Donald Trump's son-in-law, Jared Kushner.
The announcement formally eliminates a 1972 law on the UAE's books, since just after the Emirates's formation.
Moving ahead, a slew of bilateral agreements related to finance, air travel, tourism, technology, energy and healthcare are expected to be signed following the opening of reciprocal embassies in the two countries.