Following the signing of the recent historic peace accord with Israel, the UAE government has formally revoked boycott legislation, opening the way for UAE companies to do business with Israel and for bilateral trade to commence.
The President, His Highness Sheikh Khalifa bin Zayed Al Nahyan, has issued a Federal Decree, Law No. 04 of 2020, abolishing the Federal Law No. 15 of 1972 regarding boycotting Israel and the penalties following from it. The new Decree is part of the UAE’s efforts to expand diplomatic and commercial cooperation with Israel, 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 also now permissible to exchange or possess Israeli goods and products of all kinds in the UAE and trade in them.