The president of the United Arab Emirates scrapped an economic boycott against Israel, allowing trade and financial agreements between the countries in another key step towards normal ties, the UAE’s state news agency reported on Saturday.

Israel and the UAE said on August 13 they would normalize diplomatic relations in a deal brokered by US President Donald Trump that reshapes the order of Middle East politics from the Palestinian issue to the fight against Iran.

President Khalifa bin Zayed Al Nahyan issued a decree abolishing a boycott law as part of "the UAE’s efforts to expand diplomatic and commercial cooperation with Israel, leading to bilateral relations by stimulating economic growth and promoting technological innovation," the WAM news agency said.

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Israel’s Channel 13 TV said bilateral trade could initially be worth $4 billion a year, a figure it said could soon be tripled or quadrupled. Government officials did not immediately confirm that estimate.

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