The Dubai Diamond Exchange on Thursday announced to have signed a deal with its Israeli counterpart, with the aim of consolidating bilateral trade opportunities and innovation in the diamond industry.

In a statement, the Dubai Diamond Exchange said the signing took place during a virtual conference between the two sides.

“The agreement represents a strategic shift in the regional diamond trade and strengthens diplomatic and trade relations between the UAE and Israel,” it added.

Under the agreement, both the diamond exchanges will be allowed to open a representative office in each other’s countries.

On Sept. 15, the UAE and Bahrain signed US-sponsored agreements to establish diplomatic relations with Israel.

The Palestinian Authority and resistance factions have denounced the agreements, saying they do not serve the Palestinian cause and ignore the rights of Palestinians.

* Writing by Mahmoud Barakat

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