Following the announcement of the peace accord with Israel, President HH Sheikh Khalifa bin Zayed Al Nahyan, has issued a royal decree, abolishing the Federal Law No. 15 of 1972 regarding boycotting Israel and the penalties thereof, reported state news agency Wam.
The decree comes as part of the UAE's efforts to expand diplomatic and commercial cooperation with Israel, and by laying out a roadmap towards launching joint co-operation, leading to bilateral relations by stimulating economic growth and promoting technological innovation.
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, said the report.
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, it added.
