The agreement will see greater connection for Icelandair passengers from North America and Iceland to Dubai, while Emirates worldwide flyers will have access to the extensive Icelandair network.
Both airlines confirmed they plan to expand their partnership in the future.
Icelandair's president and CEO, Bogi Nils Bogason, said, "We have and will continue to expand our network of partner airlines, focusing on working with airlines that offer great service and connectivity.
"Emirates’ extensive network will open exciting and convenient travel opportunities for our customers and we very much look forward to the expanded cooperation."
Emirates' deputy president and CCO Adnan Kazim added, "We’re pleased to partner with Icelandair and offer our customers access to new and exciting destinations beyond our own network.
"We look forward to our new partnership with Icelandair and are positive it will grow further to offer even more connectivity and options for travellers."
The first programme of codeshare flights are set to go on sale from September 1st, 2024.