Following the declaration of the historic peace treaty known as Abraham Accord made between the UAE and Israel, UAE President HH Sheikh Khalifa bin Zayed Al Nahyan has officially issued a decree to abolish the law on boycotting Israel and Israeli products.
Sheikh Khalifa bin Zayed has issued a Federal Decree-Law No. 04 of 2020 to end the Federal Law No. 15 of 1972 regarding boycotting Israel and the penalties thereof.
The abolition of the Israel Boycott Law will now allow individuals and organizations in the UAE to enter into agreements with Israeli bodies or individuals residing in or belonging to it by their nationality, in terms of commercial, financial operations, or any other dealings of any nature.
The new development aims to lay out a roadmap towards launching joint cooperation, leading to bilateral relations by stimulating economic growth and promoting tech-related innovations.
Israel and the UAE announced an agreement on earlier this month to establish full diplomatic ties, in exchange for the suspension of Israel’s planned annexation of the occupied West Bank.
The UAE-Israel agreement, known as the Abraham Accord, came in a joint 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.
An Israeli-American delegation will fly on the first commercial flight from Israel to the UAE next week after the landmark deal between the countries