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U.S. President Donald Trump on Thursday announced a “historic” deal between Israel and the United Arab Emirates to establish diplomatic relations that will pause Israel’s efforts to annex parts of the West Bank claimed by Palestinians.

“This historic diplomatic breakthrough will advance peace in the Middle East region and is a testament to the bold diplomacy and vision of the three leaders and the courage of the United Arab Emirates and Israel to chart a new path that will unlock the great potential in the region. All three countries face many common challenges and will mutually benefit from today’s historic achievement,” a joint statement from President Trump, Prime Minister Benjamin Netanyahu and Sheikh Mohammed Bin Zayed said.

The news comes following years of a thaw in hostilities between Israel and the UAE, even though the two sides did not have formal diplomatic relations.

The joint statement outlined an immediate plan for cooperation in various sectors by the two countries, including the development of a vaccine for COVID-19.

“Delegations from Israel and the United Arab Emirates will meet in the coming weeks to sign bilateral agreements on investment, tourism, direct flights, security, telecoms, energy, healthcare, culture, the establishment of reciprocal embassies, and other areas of mutual benefit,” it said.

Following the announcement of the development, Nentanyahu hailed it as “a historic day for the State of Israel.”

On his part, Bin Zayed said “the UAE and Israel also agreed to cooperation and setting a roadmap towards establishing a bilateral relationship.”

Various other leaders have also moved swiftly to hail the deal, including Egyptian President Adel Fattah al-Sisi who said: “I value the efforts of those in charge of this agreement in order to achieve prosperity and stability for our region.”