"The Arabs offered us $50 million under one condition: that we stop our support for Israel and our votes in their favor at the UN. We told them: 'Forget it. We will not vote against Israel for anything in the world' " - So said the president of Palau, one of the Pacific Island states, Johnson Toribiong.The article goes on the say that the UAE offered $50 million over five years to Palau, and another $50 million afterwards, to secure their vote against Israel.
Last night the President concluded a week-long state visit to Israel along with the two other Pacific state leaders: the president of Vanuatu, Iolu Johnson Abil, and the speaker of the parliament of Tonga, Lord Lasike.
Palau along with Vanuatu and other Pacific microstates have traditionally supported Israel at the UN.
UPDATE: This 2010 UAE initiative might be the same thing. See also here.