UAE President Sheikh Khalifa scraps Israel boycott law

The UAE President Sheikh Khalifa bin Zayed Al Nahyan has officially abolished a previous law, the Federal Law No. 15 of 1972, boycotting Israel, state news agency WAM reported on Saturday.

The president issued a Federal Decree-Law No. 04 of 2020 whereby “individuals and companies in the UAE may enter into agreements with bodies or individuals residing in Israel or belonging to it by way of their nationality, in terms of commercial, financial operations, or any other dealings of any nature.”

Therefore, it will now be allowed to enter, exchange or possess Israeli goods and products of all kinds in the UAE and trade in them without incurring penalties of any kind.

The decree comes weeks after the UAE agreed a peace accord with Israel whereby it would establish diplomatic relations with Israel in exchange for the latter ceasing further annexation of Palestinian territories.

Read: UAE, Israel agree on historic deal to establish diplomatic ties

At the time of agreeing on the peace accord, it was decided that the UAE and Israel would sign several bilateral agreements on investment, tourism, direct flights, security, telecoms, energy, healthcare, culture, and also establish reciprocal embassies.

A number of Israel and Emirati companies have since signed a number of agreements pledging cooperation across a broad spectrum of sectors. Emirati company APEX National Investment signed a strategic commercial agreement with the Israeli TeraGroup to research and study the Covid-19 virus.

Read also: UAE, Israeli companies agree to jointly combat Covid-19 and develop testing device

Similarly, the Abu Dhabi Stem Cells Centre (ADSSC) has signed a MoU with Israeli firm Pluristem Therapeutics Inc. to collaborate on R&D of services and products related to regenerative medicine, including those that can be used to combat the Covid-19 pandemic.

Israeli President Reuven Rivlin has also invited UAE Crown Prince Mohammed bin Zayed to visit Jerusalem.

Read more: Israel asks UAE Crown Prince to visit as peace moves intensify