Israel, UAE agree to visa-free travel as ties deepen

Israel, US delegates board flight to formalize diplomacy with Bahrain

Ashkenazi was later expected to present before the delegation a space technology and innovation exhibition, together with Economy Minister Amir Peretz and Science Minister Izhar Shay.

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.

Here's UAE Minister Obaid Humaid Al-Tayer.

"Today, we are making history in a way that will stand for generations", the right-wing premier said of the Israeli-UAE accord, which has been angrily denounced by the Palestinians.

Emirati officials said in a statement they hoped the normalization accord would be "an avenue of peace and stability to support the ambitions of the region's people and enhance efforts for prosperity and advancement".

The UAE, the US and Israel sent out a joint statement earlier in the day announcing the establishment of a $3 billion regional development fund based in Jerusalem. The pact calls for a joint committee that will work to create mechanisms for research and commercial cooperation between the countries. "Cooperation with the UAE is a significant force multiplier that will bring with it economic, research and diplomatic achievements that will help strengthen the bond between Israel and our new friend", Shai said.

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In the letter, UAE's Foreign Minister Abdullah bin Zayed Al Nahyan conveyed his request to Israeli Foreign Minister Gabi Ashkenazi to open an embassy in Israel, according to a statement issued by the Israeli Foreign Ministry.

"I think that the visit of such a high-level delegation from the UAE. will show our peoples, the region and the entire world the benefit of having friendly, peaceful and normal exchanges", Netanyahu said.

At the end of this visit, four memoranda of understanding were signed between the two countries.

The visit, hailed as a "glorious day for peace" by Prime Minister Benjamin Netanyahu, came after Israel and the Gulf state agreed to normalise ties in a deal inked at the White House last month.

The visit comes after UAE became the first state in the Middle East to establish ties in a quarter of a century, a step championed by the US. Direct flights from Israel to the U.A.E have begun to take place, marking the first arrangement of the sort between Israel and an Arab state.

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