The General Authority of Civil Aviation (GACA) said late on Thursday that Saudi Arabia decided to open the Kingdom's airspace for all air carriers that meet the requirements of "the authority for overflying."

The decision comes "to complement the efforts aimed at consolidating the Kingdom's position as a global hub connecting three continents and to enhance international air connectivity," GACA added in a statement.

Israeli Transport Minister Merav Michaeli on Friday welcomed the move as an "important step." 

"Israeli flights will be allowed in Saudi Arabian airspace. This is an important step by the Kingdom of Saudi Arabia that will significantly shorten flight time and lower prices," Michaeli said in a statement.

(With input from agencies)