The peace treaty between the UAE and Israel is a game-changing initiative and will open up new horizons that would benefit key economic sectors and bring prosperity to the region, industry experts say.

On Saturday, the UAE scrapped an economic boycott against Israel, allowing trade and financial agreements between the countries in another key step towards normalising ties. The two countries are expected to hold talk this week to promote bilateral cooperation in sectors such aviation, tourism, trade, finance, health, energy and security.