Thu 15-10-2020 16:50 PM
ABU DHABI, 15th October, 2020 (WAM) -- Younis Haji Al Khoori, Under-Secretary of the Ministry of Finance, MoF, headed the participating UAE delegation in the first round of negotiations on the UAE-Israel agreement to protect and encourage investments, which took place virtually over a period of three days, from 12th-14th October.
This falls in line with MoF’s commitment to implement the nation's strategy, promote economic and investment cooperation following the historic UAE-Israel peace accord, and the desire of both countries to create an investment climate within a legal framework to attract mutual investments.
Younis Haji Al Khoori noted that the UAE has made significant strides in signing agreements to protect and encourage investments, with 99 agreements to date that involve most of the UAE’s strategic partners from around the world.
He pointed that the UAE is also the first Arab country to conclude an agreement to protect and encourage investment with Israel.
He added that there is a preliminary agreement between both countries to start negotiations with Israel on Double Taxation Avoidance Agreement soon.
Al Khoori said, "The Ministry of Finance is keen to expand its international relations network by signing double taxation avoidance agreements and agreements to protect and encourage investments. This would strengthen the UAE’s commercial and economic relations with the UAE’s various strategic partners, thereby enhancing the country's competitiveness and investment attractiveness on the global competitiveness map. The first round of negotiations on an agreement to protect and encourage investment confirms the two countries' efforts to build investment partnerships in various fields."
The agreement to protect and encourage investments works on protecting investments from non-commercial risks such as nationalisation, confiscation, judicial seizures, freezing assets, establishing licenced investments, and transferring profits and revenues in convertible currencies.
The agreement also provides national and MFN treatment, no interference on all investment related topics, fair and immediate compensation for the investor in case of seizures according to the law, without any form of discrimination and according to the market value of the investment.
Since the signing of the historic peace accord between the UAE and Israel, the two parties have taken many steps to strengthen bilateral cooperation in various vital areas of mutual interest.