Negotiations between the UAE and Israel on an agreement to protect and encourage investment
Yunus Al-Khoury: "The UAE is the first Arab country to conclude an agreement on protecting and encouraging investment with Israel."
The Undersecretary of the Ministry of Finance, Yunus Haji Al-Khoury, in the presence of representatives of the Ministry of Foreign Affairs and International Cooperation, chaired the country’s team participating in the first round of negotiations on an agreement to protect and encourage investment between the UAE and Israel, which was held through visual communication technology during the period from 12 to 14 October.
The first round of negotiations comes within the framework of implementing the country's strategy and enhancing economic and investment cooperation, following the historic peace treaty signed between the UAE and the State of Israel, and the two countries ’desire to provide an investment climate within a legal framework to attract mutual investments.
Al-Khoury pointed out that «the UAE has made important steps in the process of signing agreements to protect and encourage investment, after it concluded 99 agreements that included most of its strategic partners from around the world, making the UAE the first Arab country to conclude an agreement on protecting and encouraging investment with Israel», pointing out that There is an agreement in principle between the two countries to start negotiations on an agreement to avoid double taxation on income in the near future.
He said, "The Ministry of Finance is keen to expand its international network by signing agreements to prevent double taxation and protect and encourage investment, with the aim of strengthening commercial and economic relations with the country's various strategic partners in a way that enhances the country's competitiveness and investment attractiveness on the global competitiveness map," explaining that the first round of negotiations On the agreement to protect and encourage investment, it affirms the two countries' endeavors to build investment partnerships in various fields.
Investment protection and encouragement agreements contribute to protecting investments from all non-commercial risks such as nationalization, confiscation, judicial seizure and freezing, permitting the establishment of investments and granting licenses for these investments, emphasizing the transfer of profits and other revenues in a free and convertible currency, and granting national treatment and treatment to the most favored nation, in what It is related to the management, maintenance and expansion of investments and not to interfere in all matters related to those investments, in addition to compensating the investor with fair and immediate compensation for his investment in the event of its seizure in the public interest, in accordance with the law and without discrimination, provided that the authorization is in accordance with the market value of the investment before its seizure.
It is noteworthy that since the signing of the historic peace treaty between the UAE and the State of Israel, the two parties have taken many steps to strengthen bilateral cooperation in various vital areas of mutual interest.
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