On Monday, October 12, 2020, the Israeli Cabinet unanimously approved the Abraham Accords Peace Agreement with the United Arab Emirates. According to a press release, Prime Minister Netanyahu called the Agreement "historic" and noted that it "is the first peace agreement that Israel has signed in over 25 years." He further stated that

This agreement is different from its predecessors in that Israel is not conceding any territory whatsoever. Second, the economic component in it is very dominant, and the economic aspects will be very good for all citizens of Israel. Third, this agreement is accompanied by the opening of the skies, the opening of Saudi skies to Israeli planes, to planes from Israel and to planes to Israel. This means that Israel is no longer a cul-de-sac but is becoming a main hub. It is also important to say that this is changing not only in geographic terms but in geopolitical and economic terms as well.

Israel is pursuing a similar agreement with Bahrain.