Dubai: The UAE and Israel have officially agreed to allow their citizens to travel visa-free travel to either countries.
The move, which was made during an official visit by a UAE delegation in Israel, also saw the establishment of a $3 billion Abraham Fund to promote economic cooperation and development in the Middle East.
The announcement was made by Israeli Prime Minister Benjamin Netanyahu after the first-ever official Emirati delegation landed in Israel on Tuesday.
"Today, we are making history in a way that will stand for generations," said Netanyahu, addressing the delegation at Ben Gurian Airport in Tel Aviv.
The two countries agreed to normalise ties in August and a US-brokered Abraham Accord was signed on September 15 at the White House, opening a new era in the Arab-Jewish relations.
Four agreements were signed by UAE delegation lead Obaid Al Tayer on behalf of the UAE along with Israeli Minister of Finance Israel Katz.
They were on the Promotion and Protection of Investments, a memorandum of understanding (MOU) on Mutual Economic Cooperation, an agreement on the Declaration of Intent on Establishing Cooperation in the Area of Financial Services, and an MOU on Cooperation in the fields of Improvement and Development of Science and Advanced Technology.
"I express my gratitude and appreciation to Israeli Prime Minister Benjamin Netanyahu, for hosting and welcoming the UAE delegation here in Tel Aviv," Al Tayer said.
"The historic peace treaty signed was the first step taken towards achieving security and stability in the region, and a means to provide more opportunities for future generations.
"We are committed to supporting a legal framework for the movement of people and goods between the UAE and the state of Israel," he said.
Israel and the UAE are also expected to sign a deal allowing 28 weekly commercial flights between Israel's Ben Gurion Airport, Dubai and Abu Dhabi, Israel's Transportation Ministry said on Sunday.
Through the $3 billion Abraham Fund, the UAE, the US International Development Finance Corporation, and Israel will will trilaterally open a development office based in Israel to identify and initiate strategic projects with a high developmental impact, including those that catalyse economic growth, improve standards of living, and create high-value, quality jobs.
The aim of this initiative is to create the foundation for stronger regional cooperation based on diversity, exchange, and shared humanity.