Israel’s cabinet approves UAE peace deal

Tel Aviv: The Israeli cabinet on Monday approved an accord to normalise diplomatic relations with the UAE.

Earlier, His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, discussed strengthening bilateral relations with Israeli prime minister Benjamin Netanyahu on Monday in a phone call.

The US-brokered pact with the UAE – Israel’s third with an Arab state – was signed at the White House last month but requires the approval of the Israeli cabinet and parliament. Netanyahu also said his government was simultaneously working on completing a normalisation agreement with Bahrain.

The pacts are expected to unlock commercial opportunities, with Citigroup Inc. analysts on Monday forecasting up to $6.5 billion in trade between Israel and Gulf Cooperation Council states, with associated investment elsewhere in the Middle East.

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