On Monday, in a statement Israel’s Intelligence Minister Eli Cohen stated, the annual trade between Israel and the United Arab Emirates is likely to touch $4 billion.

The development comes in the wake of an announcement by both countries that they would normalize diplomatic relations in a deal that was brokered by Washington.

In a statement the UAE announced, it was scrapping an economic boycott on Israel with officials from the both countries eager to cooperate on areas including defense, medicine, energy, tourism, financial investment and technology.

Already a number of Israeli and Emirati businesses have signed deals following the normalization of ties.

“Within three to five years trade between Israel and the United Arab Emirates will reach $4 billion,” said Cohen.

On Sunday, Israel’s air carrier Israir said, it had reserved slots for commercial flights from Tel Aviv to the UAE in preparations for a potential boom in tourism.

The heads of Israel’s two biggest banks are set to travel to the UAE later this month.

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