Supporters of Beitar Jerusalem cheer for their team, during a soccer match against Maccabi Umm el-Fahm, at Teddy Stadium, in Jerusalem, Israel, Jan. 29, 2013. Photo: Reuters / Nir Elias / File.

A member of Abu Dhabi’s ruling family has purchased a 50% stake in Israeli Premier League soccer team Beitar Jerusalem, the club announced on Monday.

The purchase comes amid a flurry of business deals between Israel and the United Arab Emirates following their move to establish formal diplomatic relations in September.

In an announcement posted on their website, Beitar said Sheikh Hamad Bin Khalifa Al Nahyan’s purchase also included a commitment to invest more than 300 million shekels ($92.18 million) in the club over the next 10 years.

Beitar’s announcement on Monday quoted Sheikh Hamad as saying: “I am thrilled to be a partner in such a glorious club that I have heard so much of and in such a great city, the capital of Israel and one of the holiest cities in the world.”