Israel’s Economy Ministry is estimating that the new peace deal with the United Arab Emirates will lead to hundreds of millions of dollars in exports each year from Israel to the UAE, and in investments from the UAE into the Jewish state.

Last Thursday, the Trump administration announced that it had brokered a peace agreement which will normalize relations between Israel and the United Arab Emirates, including the establishment of formal diplomatic relations, direct trade, and investment.

The two sides are expected to formally sign a series of agreements, to be known as the Abraham Accords, in a matter of weeks.

On Sunday, the Economy Ministry revealed the dollar value of normalized relations with the UAE, estimating that the exports to and investments from the Gulf Arab state will be worth at least $600 million a year.

According to the ministry’s report Sunday, officially, Israel exports just $300,000-worth of goods to the UAE every year.

Immediately following the signing of the Abraham Accords, however, that figure is expected to surge to between $300 million to $500 million per annum.

In addition, investors in the UAE are expected to pour some $350 million into Israeli businesses annually.

The industries expected to benefit the most from exports to the UAE and investments from the seven-emirate federation are cyber security, medical equipment production, financial technology, and communications.

In addition, the ministry expects the UAE to invest heavily in Israeli Arab communities.