Facilitate the creation of mutual investments and the granting of licenses
Agreement to protect and encourage investments between the UAE and Jersey
Al-Husseini and Qurest during the signing of the agreement.
From the source
The UAE, represented by the Ministry of Finance, signed an investment protection and promotion agreement with the Jersey government, at the Ministry of Finance headquarters in Dubai.
The ministry explained in a statement yesterday that the agreement aims to encourage foreign investment and protect the investments of both sides from non-commercial risks, as well as to secure a comprehensive balance between rights and obligations between investors and the host country, in a way that stimulates business initiatives for sustainable economic development.
The agreement provides for facilitating the establishment of mutual investments and granting licenses for them, emphasizing the right to transfer profits and other returns of investments in a free convertible currency, and granting national treatment and treatment to the most favored nation, with regard to the management, maintenance and expansion of investments, and non-interference in all matters related to investments. In addition to compensating the investor a fair and immediate compensation for his investment in the event of its appropriation for the public interest, in accordance with the law and without discrimination, provided that the value of the compensation is in accordance with the market value of the investment prior to its seizure.
The agreement was signed on behalf of the UAE government by the Minister of State for Financial Affairs, Muhammad bin Hadi Al-Husseini, while it was signed by the Minister of Foreign Relations and Financial Services, Senator Ian Qorst, on behalf of the Jersey government.
Al-Hussaini stressed the UAE's keenness to consolidate its network of relations with various countries, by signing such agreements, which in turn contribute to confirming the country's financial and investment presence at the global level.
He said, "The signing of the agreement with Jersey confirms the common desire of the leaderships of the two countries to strengthen frameworks for constructive economic and investment cooperation in various fields."
For his part, Qorst indicated that this is the first bilateral agreement signed by the Jersey government in the field of investment protection and promotion.
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