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1st Round of Negotiations on UAE-Israel Investment Deal Kicks Off

1st Round of Negotiations on UAE-Israel Investment Deal Kicks Off

Friday, 16 October, 2020 - 04:45
UAE Under-Secretary of the Ministry of Finance heading 1st round of negotiations with Israel over investment. Asharq Al-Awsat

UAE started it first round of negotiations with Israel over agreements to protect investments, which falls in line with the desire of both countries to create a business climate within a legal frame work.


Younis Haji Al Khoori, Under-Secretary of the Ministry of Finance, MoF, who headed the participating UAE delegation, said 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, state news agency WAM reported.


He added that there is a preliminary agreement between both countries to start negotiations with Israel on Double Taxation Avoidance Agreement soon.


"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," Khoori said.


"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 nationalization, 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.


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