24 Aug 2020
On August 13, 2020, His Highness Sheikh Mohammed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, Israeli President Benjamin Netanyahu and US President Donald Trump held a telephone call resulting in a "historic diplomatic breakthrough" declared, 'The Abraham Accord'.
In terms of the accord, Israel will stop further annexation of Palestinian territories in exchange for establishing diplomatic ties with the UAE.
The UAE and Israel jointly announced their co-operation and intention to set a road map towards establishing a bilateral relationship. The UAE has not previously recognized Israel and did not allow Israeli citizens, or those suspected of being Israeli citizens, entry into the UAE before the agreement.
This breakthrough was immediately followed with the opening of telephone lines between Israel and the UAE, as well as previously blocked websites, including Times of Israel, becoming freely accessible.
Commercial, diplomatic and security ties between the two countries may now begin development, and many economic opportunities will soon become available with Israel, one of the most technologically advanced countries in the Middle East, from which UAE citizens and residents may benefit. Trade is also expected to increase with many companies already announcing pacts and co-operation agreements in the intervening days.
Tourism will likely increase with "hotels in Israel" being one of the "most searched for words online in the UAE immediately after the deal was announced" according to an Emirati official. Direct flights will undoubtedly be among the subjects addressed in the bilateral treaty although no timeline has been announced on when same will be penned.
The Abraham Accord is surprising and welcome good news in a year fraught with challenges, the new commercial opportunities and potential trade links signify a new chapter in the Middle East and an important step towards peace in the region.
Senat MEA DMCC is a full service platform, founded in 2014, with roots in Dubai that go back as far as 1984. Dedicated to trust and efficiency, at Senat MEA DMCC we ensure that our clients are equipped with leading counsel in navigating the region while taking into account the global nature of business and the importance of developing long lasting relationships.
Senat MEA DMCC’s team of lawyers, accountants and business consultants are highly qualified and come from a variety of backgrounds enabling us to supply you with incomparable expertise and outstanding services.
This article is based on publicly available information and given for informational purposes only. It is not intended as legal advice or as a comprehensive analysis of the matters referred to herein.