UAE President Officially Announces A Decree To Abolish The Israeli Boycott Law
Following the recent historic peace treaty made between the UAE and Israel, UAE President HH Sheikh Khalifa bin Zayed Al Nahyan has officially issued a decree to abolish the law on boycotting Israel and Israeli products.
In legal jargon, Sheikh Khalifa bin Zayed has issued a Federal Decree-Law No. 04 of 2020, abolishing the Federal Law No. 15 of 1972 regarding boycotting Israel and the penalties thereof.
The decree comes as part of the UAE’s efforts to expand diplomatic and commercial cooperation with Israel
The new developments aim to lay out a roadmap towards launching joint cooperation, leading to bilateral relations by stimulating economic growth and promoting tech-related innovations.
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.