The UAE and Israel announced an agreement on August 13 to establish full diplomatic ties, while Israel committed to the suspension of its planned annexation of Palestinian territories.
The UAE-Israel Abraham Accord came into effect after a call between Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, US President Donald Trump and Israeli Prime Minister Benjamin Netanyahu. The accord has been praised internationally, including by the UN.
Following the announcement of the peace accord with Israel, President His Highness Sheikh Khalifa bin Zayed Al Nahyan, has issued a Federal Decree – Law No. 04 of 2020, abolishing the Federal Law No. 15 of 1972 regarding boycotting Israel and the penalties thereof. Now individuals, companies in UAE may enter into agreements with Israeli nationals/residents
The Decree comes as part of the UAE‘s efforts to expand diplomatic and commercial cooperation with Israel, following the abolition of the Israel Boycott Law, individuals and companies in the UAE may enter into agreements with bodies or individuals residing in Israel or belonging to it by their nationality, in terms of commercial, financial operations, or any other dealings of any nature.
Based on the Decree, it will be permissible to enter, exchange or possess Israeli goods and products of all kinds in the UAE and trade in them.