President Trump announced a "historic" deal Thursday which will see Israel and the UAE open full diplomatic relations, and Israel suspend its annexation plans in the West Bank.

Why it matters: This is a major breakthrough for Israel, which does not have diplomatic recognition in many Middle Eastern countries but has been steadily improving relations in the Gulf, largely due to mutual antipathy toward Iran.

Excerpts from the statement issued by Israel, the UAE and the U.S.

• "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."
• "As a result of this diplomatic breakthrough and at the request of President Trump with the support of the United Arab Emirates, Israel will suspend declaring sovereignty over areas outlined in the President Vision for Peace and focus its efforts now on expanding ties with other countries in the Arab and Muslim World." 
• "This normalization of relations and peaceful diplomacy will bring together two of America’s most reliable and capable regional partners. Israel and the United Arab Emirates will join with the United States to launch a Strategic Agenda for the Middle East to expand diplomatic, trade, and security cooperation."

This is a developing story and will be updated