WAM
Following the announcement of a peace accord with Israel, UAE President His Highness Sheikh Khalifa bin Zayed Al Nahyan has issued a decree cancelling a law on boycotting the country.
Federal Decree-Law No. 04 of 2020 announced on Saturday abolishes Federal Law No. 15 of 1972.
The decree comes as part of the UAE's efforts to expand diplomatic and commercial cooperation with Israel.
It lays out a roadmap towards launching joint cooperation, 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.
It is now permitted to enter, exchange or possess Israeli goods and products of all kinds in the UAE and trade in them.
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