Annual trade between Israel and the United Arab Emirates is expected to reach $4 billion, an Israeli minister said on Monday.

Israel and the UAE announced in August they would normalise diplomatic relations in a deal brokered by Washington.

The UAE has since announced it was scrapping an economic boycott on Israel and officials from the two countries have said they were looking at cooperation in defence, energy, medicine, tourism, technology and financial investment.

A number of Israeli and Emirati businesses have signed deals since the normalisation accord was announced.

“Within three to five years trade between Israel and the United Arab Emirates will reach $4 billion,” Israeli Intelligence Minister Eli Cohen told Israel’s Reshet Bet radio station.

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