Dubai: The ruler of the United Arab Emirates on Saturday issued a decree formally ending the country's boycott of Israel amid a US-brokered deal to normalize relations between the two countries.
The deal opening up relations between Israel and the UAE was announced on August 13. It required Israel to halt its contentious plan to annex occupied West Bank land sought by the Palestinians.
The state-run WAM news agency said the move formally ending the boycott came on the orders of Sheikh Khalifa bin Zayed Al Nahyan, the ruler of Abu Dhabi and the Emirates' leader.
WAM said the new decree allows Israelis and its firms to do business in the UAE, a federation of seven sheikhdoms on the Arabian Peninsula. It also allows for the purchase and trade of Israeli goods.
Read also: UAE to open diplomatic ties with Israel: Trump
"The decree of the new law comes within the UAE's efforts to expand diplomatic and commercial cooperation with Israel," WAM said. It laid out "a roadmap toward launching joint cooperation, leading to bilateral relations by stimulating economic growth and promoting technological innovation".
Already, some Israeli firms had signed deals with Emirati counterparts. But the repeal of the law widens the likelihood of other joint ventures, such as in aviation or in banking and finance.
Dubai International Airport, home to the long-haul carrier Emirates, has been the world's busiest for international travel for years. The Dubai International Financial Center also hosts major firms that trade in the hours between Asian and European markets.
Emirati firms likely also want to access Israeli technological know-how. Some already had even before the deal — with the cybersecurity firm DarkMatter reportedly hiring Israeli military-trained hackers.
AP
