(Bloomberg) --
The United Arab Emirates has formally legalized trade and business transactions with Israeli entities as it moves to establish relations with the Jewish state.
UAE ruler Sheikh Khalifa bin Zayed issued a decree canceling an old federal law that legislated for a boycott of Israel, state-run news agency WAM reported on Saturday. The decision is part of the UAE's efforts “to expand diplomatic and commercial cooperation with Israel,” WAM said.
Canceling the boycott law will allow individuals and firms in the UAE to enter into agreements with entities or individuals in Israel, “whether trade or financial transactions or any other deal,” according to WAM. It will also allow Israeli products “of all types” to be imported and sold in the UAE.
The UAE earlier this month said it's moving to normalize relations with Israel, joining Egypt and Jordan as the only Arab countries to do so.
READ MORE: Israel's Flagship Carrier El Al Set for Unprecedented UAE Flight
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