The treaty which was signed on the 15 September 2020 was formally ratified by the Israeli cabinet on the 12 October 2020 and the UAE parliament on the 15 October 2020 and is intended to remove barriers to business. This will benefit both areas and also allow better ease of business when dealing with Europe. It is anticipated that the increase in trade could total as much as $4 billion a year.
Amid the lockdown exports have been hit particularly hard with ports being closed, but now that flights and ships are allowed between the areas it is hoped that exports can now flow through Dubai and strengthen both economies.
Whilst not every country is happy with the deal the United States, Europe and the United Kingdom have welcomed it as a step towards global peace and economic stability.