The President of the United Arab Emirates (UAE)scrapped an economic boycott against Israel, allowing trade and financial agreements between the countries in another key step towards normal ties, the UAE’s state news agency reported on Saturday.
Israel and the UAE said on August 13 they would normalise diplomatic relations in a deal brokered by United States (US) President Donald Trump that reshapes the order of Middle East politics from the Palestinian issue to the fight against Iran.
President Khalifa bin Zayed Al Nahyan issued a decree abolishing a boycott law as part of “the UAE’s efforts to expand diplomatic and commercial cooperation with Israel, leading to bilateral relations by stimulating economic growth and promoting technological innovation,” the WAM news agency said.
The announcement came as Israeli flag carrier El Al Israel Airlines Ltd prepared to operate the country’s first direct flight between Tel Aviv’s Ben Gurion Airport and the UAE’s capital, Abu Dhabi.
An Israeli government delegation and top aides to Trump, including his senior adviser Jared Kushner, are due to travel on the flight on August 31, a US official said.
Before the August 13 deal can be officially signed, details must be agreed on issues such as the opening of embassies, trade and travel links.
Israel’s Channel 13 TV said bilateral trade could initially be worth $4 billion a year, a figure it said could soon be tripled or quadrupled. Government officials did not immediately confirm that estimate.
Israeli Agriculture Minister Alon Schuster said Israel was working on potential joint projects that could help improve the oil-rich Gulf nation’s food security, such as water desalination and crop cultivation in the desert.