I'm pretty sure UAE and Israel never were at war or fought against each other. So peace deal is a misnomer, they established diplomatic relations. In and of itself it's not much, but as a potential signal that more Arab countries will shaft the Palestinians and buddy up to the Israelis, and not incidentally help Netanyahu stay in power, it is significant. Talk is tiny Bahrain and adrift Oman might be next up. At least this deal didn't cost the US billions of dollars. And this could provide a minor boost to the Israel economy.