Background
On 13 August 2020, a peace accord was entered into between the UAE and Israel.
The accord was brokered by the United States of America.
Terms of the accord
The joint governmental statement stated that the UAE - Israel accord will allow the UAE and Israel to ‘chart a new path that will unlock the great potential of the region’.
It was noted that the accord will lead to regional transformation by spurring economic growth, enhancing technological innovation, and forging closer people-to-people relations. It also stated that efforts will continue to resolve the Israeli-Palestinian situation.
His Highness Sheikh Mohamed bin Zayed Al-Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, tweeted that ‘the UAE and Israel agreed to cooperation and setting a roadmap towards establishing a bilateral relationship’.
Developments
On 29 August 2020, the UAE formally abolished its 40-year old boycott law, thereby allowing UAE entities and individuals to trade with Israel.
On 31 August 2020, the first commercial flight travelled from Israel to the UAE, carrying an Israeli government delegation and senior representatives of the USA. On 1 September 2020, discussions were initiated between UAE and Israeli ministers in relation to cooperation.
It is expected that bilateral arrangements will be entered into in due course regarding investment, tourism, security, telecommunications, technology, energy, healthcare, culture, the environment, and other areas of mutual interest.